U.S. stocks saw a muted reaction after President Donald Trump nominated current Fed Gov. Jerome Powell to replace Chairwoman Janet Yellen when her term ends in February, as had been widely expected. The Dow Jones Industrial Average rose 35 points, or 0.2%, to 23,471. The S&P 500 dipped 4 points, or 0.2%, to 2,575. The Nasdaq Composite Index was down 7 points to 6,710, a decline of 0.1%. All three indexes were roughly unchanged with where they had traded prior to the appointment being made official. In brief remarks after being introduced by Trump, Powell said he would do everything he can to meet the U.S. central bank’s twin goals of maximum employment and low inflation. Powell says the economy has recovered from the financial crisis and the banking system is now resilient. Stocks were mostly lower as the much-anticipated tax plan Thursday by House Republicans failed to impress investors who had been looking forward to one of the most sweeping overhauls of the tax code in decades.
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