November 9, 2017
Global stocks took a breather and were mostly lower. US shares followed European indexes lower for the day. US investors’ worries revolved around concerns that a Senate Republican tax plan will delay corporate rate cuts by a year to 2019. Both the Dow and S&P lost 0.4 percent while the Nasdaq was 0.6 percent lower. West Texas intermediate crude rebounded to above $57.00.
The US dollar was down against all of its major counterparts including the yen, euro, pound sterling, Swiss franc and the Canadian and Australian dollars. The Senate Banking Committee will meet November 28 to consider the nomination of Federal Reserve Governor Jerome Powell to be the next central bank chair. Powell has been through the Senate confirmation process before, most recently in 2012 and 2014 when he was nominated to join the Fed board.