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MetLife Inc. reported third-quarter adjusted profit and sales that beat expectations, announced a new $2 billion stock repurchase program and said it would divest its remaining Brighthouse Financial Inc. stake, but the stock still fell 1.7% in after-hours trade as it swung to a net loss. The insurer reported a net loss of $87 million, or 8 cents a share, in the quarter to Sept. 30, after net income of $571 million, or 51 cents a share, in the same period a year ago. Excluding non-recurring items, such as a $1.1 billion in Brighthouse separation-related charges, adjusted earnings per share came to $1.09, above the FactSet consensus of 89 cents. Revenue rose 2% to $16.10 billion, beating the FactSet consensus of $15.52 billion, as 9% growth in premiums, fees and other revenue offset a 7% drop in net investment income. The company had about $200,000 remaining in the $3 billion stock buyback program announced in 2016. Regarding Brighthouse, MetLife is the largest shareholder, with about 23 million shares, 19% of the shares outstanding. At Brighthouse’s stock closing price of $62.05 on Wednesday, the stake would be worth about $1.43 billion. MetLife’s stock has rallied 8.5% over the past three months, while the SPDR S&P Insurance ETF has tacked on 0.2% and the S&P 500 has gained 4.2%.

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L Brands Inc. , whose portfolio of brands includes Victoria’s Secret and Bath & Body Works, saw shares soar 9% in Wednesday after-hours trading after it reported revenue and same-store sales growth for the month of October. The company had October sales of $794.1 million, up from $756.7 million for the four-week period last year. Same-store sales increased 2% for the four weeks ending Oct. 28. Same-store sales were hurt by about one percentage point by Victoria’s Secret’s exit from the swim category, and declined about two percentage points due to the brand’s exit from the apparel category. L Brands expects third-quarter earnings on the high end of its prior guidance for earnings of 25-to-30 cents per share. It reiterated its full-year guidance for EPS of $3.00 to $3.20. The third-quarter FactSet estimate is for EPS of 29 cents, and full-year EPS of $3.11. L Brands will announce third-quarter earnings on Nov. 16. L Brands shares are down 33.8% for the year so far while the S&P 500 index is up 15.2% for the period.

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Gold futures settled with a gain on Wednesday, then moved even higher in electronic trading as the U.S. dollar held onto a slight rise in the wake of the Federal Reserve monetary policy statement. The central bank held interest rates steady but left the door open for a rate hike at its meeting in December. December gold rose $6.80, or 0.5%, to settle at $1,277.30 an ounce, marking its third gain in four sessions. In electronic trading after the Fed statement, prices traded at $1,278.60.

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Treasury yields saw subdued moves on Wednesday after the Federal Reserve kept rates steady, as expected, and signaled that gradual rate increases were warranted. The benchmark 10-year Treasury note slipped to 2.350%, compared with 2.354 before the announcement, the yield on the 2-year Treasury , the most sensitive to interest-rate expectations, inched down to 1.604%, from 1.608%, while the 30-year Treasury bond stood at 2.847%, little changed from level prior to the policy announcement. For bond investors, however, the Fed policy update comes against the backdrop of a likely changing of the guard at the central bank’s helm. Fed Gov. Jerome Powell is anticipated to be named the successor to Fed Chairwoman Janet Yellen when her term ends in February, according to multiple reports. Powell is seen as a dovish candidate, who also endorses rolling back financial regulations, all of which may support bond buying, pushing prices, which move inversely to yields, higher.

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U.S. stock-market indexes held on to modest gains on Wednesday after the Federal Reserve left key interest rates unchanged and signaled the central bank was on track to increase rates in December. The S&P 500 was up by 4 points, or 0.2%, to 2,579. The Dow Jones Industrial Average was up 41 points, or 0.2%, to 23,419. The tech-heavy Nasdaq Composite index fell 19 points, or 0.3%, to 6,708. The ICE U.S. Dollar index , which measured the dollar against the basket of six major rivals, trimmed earlier gains to trade up 0.1% at 94.620. Meanwhile, the 10-year Treasury yield fell 3 basis points to 2.35%.

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WASHINGTON (MarketWatch) – The Federal Reserve left a key interest rate unchanged in November but called the U.S. economy “solid,” an apparent signal the bank remains on track to raise the cost of borrowing next month. The central bank had previously projected it would raise its benchmark fed funds rate, now between 1% and 1.25%, at its final meeting on Dec. 12-13. In a statement, the Fed also acknowledged core inflation “remained soft” and is likely to remain so in the short run. The Fed still expects inflation to reach its 2% target in the “medium term,” however. The more muted language on inflation might be a clue the bank will proceed more cautiously early in 2018, especially if Chairwoman Janet Yellen is replaced as widely reported.

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A draft bill will reduce the cap on 401(k) contributions but not to $2,400 as House Republicans had wanted, ABC News reports. The bill will lower it to a point halfway between the current limit, which is $18,000 for most people, and the preferred $2,400 that lawmakers wanted. The draft bill also retains the local property tax deduction and the complete elimination of the estate tax.

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President Donald Trump on Wednesday said Federal Reserve Chairwoman Janet Yellen is “excellent,” but did not say he’d reappoint her to lead the central bank. “I didn’t say that,” Trump told reporters when asked if Yellen was his nominee. Trump is reportedly leaning toward nominating Fed Gov. Jerome Powell as chairman. Trump will announce his pick on Thursday.

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