Two of the major US stock indexes cracked their all-time closing highs in trading on Friday in an otherwise relatively quiet day for the market.
As US President Donald Trump so helpfully pointed out: “RECORD HIGH FOR S & P 500!”
The Dow Jones industrial average also gained, but not enough to edge over its record.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 22,405.09, +23.89, (+0.11%)
- S&P 500: 2,519.36, +9.30, (+0.37%)
- Nasdaq: 6,495.96, +42.51, (+0.66%)
- Economist Kevin Warsh met with Trump about the Fed Chair job. Kevin Warsh, a former Morgan Stanley banker and Federal Reserve Board Governor, met with Trump at the White House on Friday, and reportedly talked about taking over the top job at the Fed.
- The Tax Policy Center released the first major analysis of Trump’s tax plan. The analysis showed the bulk of the benefit from the plan would go to the top 1% of income earners in the US, and actually increase taxes on a chunk of the middle class.
- The Treasury Department took down a study analysing the impact of corporate tax cuts on workers that contradicted the White House’s own view. The paper showed that a corporate tax cut would not benefit labour as much as the Trump administration claims.
- Roku jumped in its second day of trading. The streaming video company saw its stock jump another 16% in trading on Friday after gaining more than 66% in its debut on Tuesday.
- South Korea banned initial coin offerings. South Korea’s Financial Services Commission on Friday took the decision to ban all forms of cryptocurrency-based money raising activity, saying it has “serious concern about the fact that the current market funds are being pushed into a non-productive speculative direction.”