U.S. Stocks Mount Milestone-Shattering Run In 2017
NEW YORK (AP) – Wall Street delivered big gains and shattered stock market records in 2017 as a global economic rebound, strong company earnings growth and the GOP-led push to slash corporate taxes and enact other pro-business policies encouraged investors to keep buying stocks even as share prices climbed ever higher.
The gains have the Standard & Poor’s 500 index, the broadest measure of the stock market, headed for its best year since 2013.
“This would go in the category of stellar year, with very little volatility in the market and pullbacks that were essentially minor,” said Quincy Krosby, chief market strategist at Prudential Financial.
Risk for Middle Class: That GOP Tax Cuts Could Fade Away
WASHINGTON (AP) – The new tax law bestows an initial infusion of cash on nearly every taxpayer next year. That extra income is likely to please millions of households, support consumer spending and perhaps give the economy a lift. But over the next several years, multiple analyses have found, those tax cuts will gradually fade — and then morph into tax hikes for a majority of people who are solidly middle class.
Trump, GOP Hill Leaders to Meet At Camp David in January
WEST PALM BEACH, Fla. (AP) – President Donald Trump plans to open the new year by meeting with the Hill’s top Republicans to plan the 2018 legislative agenda. The White House says Trump will host Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan at the Camp David presidential retreat during the weekend of Jan. 6. The meeting will follow enactment of legislation to cut taxes for corporations and individuals, Trump’s major legislative achievement for 2017.
Jewelry Company Alex and Ani’s President, Finance Boss Leave
PROVIDENCE, R.I. (AP) – Fashion jewelry maker Alex and Ani says its president and chief financial officer have left the Rhode Island-based company. Company attorney Mark Geragos tells the Providence Journal president Cindy DiPietrantonio and chief financial officer Bob Woodruff moved on after their one-year contracts with the company expired and neither was fired. DiPietrantonio and Woodruff are the latest in a series of executives to depart the Cranston-based company.