President Trump’s nomination of Jerome Powell as the next Federal Reserve chair added to a whirlwind session as the Dow Jones Industrial average hit another record high.
With Wall Street’s eyes on the Powell nomination and the House Republicans’ tax overhaul proposals, the Dow closed 80 points higher, CBS News reported.
The Dow Jones industrial average closed 81 points, ending at a record 23,516. The Dow has climbed more than 3,000 points since the beginning of 2017.
This, along with the Department of Labor’s monthly jobs report was good news for the Trump administration. With 261,000 jobs added in October, the report also announced that unemployment levels had dropped to 4.1 percent, the lowest in 17 years.
JOBS, JOBS, JOBS! pic.twitter.com/twUNktGbnb
— Donald J. Trump (@realDonaldTrump) November 3, 2017
The stock market surge can be attributed in part to the growing US and global economies as well as a growth in corporate earnings and low interest rates.
Stocks have also reached record levels partly because of the prospects of the GOP tax-reform plan, which Trump called “the biggest tax event in the history of our country” on Tuesday, according to CNBC.
Trump’s nomination of Powell is set to replace Janet Yellen who took over as Fed chair in 2014.
Today, it was my pleasure and great honor to announce my nomination of Jerome Powell to be the next Chairman of the @FederalReserve. pic.twitter.com/6aDuRy3zws
— Donald J. Trump (@realDonaldTrump) November 2, 2017
“While it is expected that he will continue the gradual path towards rate normalization, there are questions regarding his views on the continuing de-regulation of the financial industry,” Quincy Krosby, chief market strategist at Prudential Financial, said, according to CNBC. “Under Powell expect a pragmatic path on monetary policy, along with an equally pragmatic path on industry regulation. In other words, continuity with a Republican tilt.”
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