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Good day on Wall Street...Oil prices higher... WH: Trump to announce Fed chair pick next week

October 27, 2017

NEW YORK (AP) — Some of the biggest companies in the world had their best day in years today as Microsoft and Alphabet soared following strong third-quarter reports, as did online retail giant Amazon. Stocks set more records as their winning streak extended to a seventh week. The S&P 500 rose over 20 points to 2,581. The Dow gained 33 to 23,434. The Nasdaq soared 144 points, or a whopping 2.2 percent, to 6,701. The Russell 2000 picked up nearly 11 points.

NEW YORK (AP) — Oil futures are up today. Benchmark U.S. crude reached a six-month high as it jumped $1.26, or 2.4 percent, to $53.90 a barrel in New York and Brent crude, used to price international oils, rose $1.14, or 1.9 percent, to a two-year high of $60.44 a barrel in London. Meanwhile, wholesale gasoline rose 2 cents to $1.77 a gallon.

WASHINGTON (AP) — President Donald Trump’s press secretary says Trump plans to announce his choice for the next chairman of the Federal Reserve next week. But Sarah Huckabee Sanders wouldn’t discuss reports that the leading candidate is Jerome Powell, a member of the Fed’s board. Janet Yellen’s term ends in February.

WASHINGTON (AP) — Interior Secretary Ryan Zinke says he “had absolutely nothing to do” with a $300 million contract awarded to a small company from his hometown to help restore Puerto Rico’s power grid. The contract for the tiny company based in Whitefish, Montana, has drawn a bipartisan chorus of criticism from Capitol Hill. Zinke says he welcomes “any and all investigations” and encouraged the Interior Department’s inspector general to review the matter.

NEW YORK (AP) — Companies are blaming Toys R Us for weak earnings. Mattel, the maker of Barbie dolls and Hot Wheels cars, reported disappointing third-quarter results yesterday and said it was hurt by Toys R Us’ Chapter 11 bankruptcy filing last month. Hasbro, the maker of My Little Pony and Monopoly, also blamed weak results on the Toys R Us situation. Both companies say they temporarily slowed shipments to Toys R Us ahead of its bankruptcy.

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