Stocks Close Near Session Highs After Trump Picks Jay Powell To Run Federal Reserve | Stock News & Stock Market Analysis

The major indexes closed mixed Thursday, a session in which Washington was at the center of Wall Street’s attention.

The Nasdaq edged down a fraction. The S&P 500 was up a fraction. The Dow Jones industrial average led with a 0.4% increase. Dow component Intel (INTC) hit a new high as it extended an explosive advance since it broke out of a base on Oct. 2. Market volume rose from Wednesday’s levels, according to early numbers.

XAutoplay: On | OffPresident Trump nominated Fed Governor Jerome Powell to succeed Janet Yellen as the next chairman of the Federal Reserve. Powell’s nomination had been rumored, and the stock market had no reaction when Trump confirmed the move Thursday afternoon. Powell is not expected to deviate much from Yellen’s policy map.

Also in Washington, D.C., Republican leaders unveiled a tax reform package that includes new tax brackets. One provision limits the deduction for mortgage interest to $500,000, which sent homebuilding stocks down sharply.

The  industry group, which had been No. 1 out of 197, fell more than 2% and was one of the day’s weakest. Building products and other construction-related stocks also were widely lower along with home improvement chains Home Depot (HD) and Lowe’s (LOW).

Earlier at the White House, Trump and Singapore-based Broadcom (AVGO) CEO Hock Tan announced the semiconductor company will move its headquarters back to the U.S. Broadcom shares were little changed as the stock tries to climb back to its 259.46 buy point, where shares broke out Monday.

Health care, auto retailers and some technology industry groups led Thursday’s market.

Financials performed well, and several real estate investment trusts broke out of bases.

Equinix (EQIX) gapped past the 472.81 buy point of a cup-with-handle base in heavy volume. The operator of data centers beat expectations with funds from operations of  $4.97 a share. Revenue climbed 25% to $1.15 billion.

Extra Space Storage (EXR) raced past an 83.33 buy point in more than double its average volume. The Salt Lake City-based REIT topped estimates for Q3 with funds from operations of $1.13 a share.

Terreno Realty (TRNO) broke out of a flat base, clearing a 37.50 buy point. But volume was below average. The industrial building REIT rose despite that earnings and revenue missed expectations late Wednesday.


GOP Plan To Cut Mortgage Interest Deduction Hits Home Depot, Builders

Trump Nominates Jay Powell As Next Federal Reserve Chairman


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Originally posted 2017-11-06 12:45:05.


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