Modest gains, but more records on Wall Street ... Fed-Changes ... Apple-Overseas Subsidiaries
NEW YORK (AP) — U.S. stocks made modest gains and set more records today as upheaval in oil-rich Saudi Arabia sent crude prices to two-year highs. Chipmakers and media companies climbed on deal reports while phone and household goods companies sank. The Standard & Poor’s 500 index rose 3.29 points, while the Dow Jones industrial average added 9.23 points and the Nasdaq composite gained 22 points.
WASHINGTON (AP) — A revamping of the Federal Reserve’s leadership is widening with the announcement that William Dudley, president of the New York Fed and the No. 2 official on the Fed’s key interest rate panel, will retire next year. Just last week, President Donald Trump chose Fed board member Jerome Powell to replace Janet Yellen as Fed chair in February. The post of Fed vice chair remains vacant. So do two additional seats on the Fed’s seven-member board. And a fourth seat may open as well next year.
UNDATED (AP) — Apple revamped its overseas subsidiaries to take advantage of tax loopholes on the European island of Jersey after a crackdown on Ireland’s loose rules began in 2013. That’s according to The New York Times and the International Consortium of Investigative Journalists. The news outlet and the non-profit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung (“ZOOT-doi-cheh DZEYE-tung”) and shared.
INDIANAPOLIS (AP) — Blue Cross-Blue Shield insurer Anthem has picked a former top executive from its biggest competitor to replace Joseph Swedish as its next CEO. Anthem said today that Gail K. Boudreaux will start Nov. 20. Swedish will serve as executive chairman until May and then as senior adviser for a couple more years. A statement from Indianapolis-based Anthem Inc. gave no reason for the departure of Swedish.
NEW YORK (AP) — Target is offering shoppers a breather after holiday shopping on Thanksgiving. The Minneapolis-based discounter says it will open at 6 p.m. on Thanksgiving and then close at midnight local time. Its stores will then reopen at 6 a.m. local time on Friday until 10 p.m., 11 p.m. or midnight local time. That’s different from last year, when it kept stores open through the night.