Here's what happened in the market Thursday, October 5.
The S&P 500, Dow Jones and Nasdaq continued to set record intraday highs out the gate Thursday.
The S&P and Nasdaq closed trading up 0.57% and 0.78% respectively while the Dow Jones Industrial Average closed trading up 0.5% Thursday afternoon.
Randal Quarles Named to Fed Supervisory Role
Randal Quarles, a former Treasury Department official under George W. Bush, was confirmed by the Senate as the Federal Reserve's first vice chairman for supervision. This is the first time the position, which was created under the Dodd-Frank bill, will be filled.
Quarles will have extensive oversight over the central bank's liquidity and capital and will be responsible for enforcement of Dodd-Frank regulations like the Volker rule.
Cam Newton Is Facing Fallout for Comments He Made to Female Journalist
Carolina Panthers Quarterback Cam Newton was dropped by yogurt maker Dannon (whose parent company is Danone (DANOY) ) over comments he made to a female journalist at a press conference Wednesday.
Dannon signed Newton to an endorsement deal in 2015.
Newton said he thought it was "funny" that a female journalist was asking him about the intricacies of the game, when Charlotte Observer reporter Jourdan Rodrigue asked him a question during a press conference Wednesday.
''We are shocked and disheartened at the behavior and comments of Cam Newton towards Jourdan Rodrigue, which we perceive as sexist and disparaging to all women. It is entirely inconsistent with our commitment to fostering equality and inclusion in every workplace. It's simply not ok to belittle anyone based on gender. We have shared our concerns with Cam and will no longer work with him,'' Michael Neuwirth, senior director of external communications for Danone North America, said, according to ESPN.
True Religion Will Be Able to Reduce its Debt Load by $350 Million
High-end jean maker True Religion's bankruptcy restructuring plan was approved Thursday.
Earlier this year, the company filed for bankruptcy with a plan that would reduce its debt load by $350 million in exchange for its creditors taking large stakes in the company.
True Religion also plans to renegotiate lease agreements and close underperforming stores as it seeks to get back in the black.
Facebook to Provide Publisher Info in News FeedFacebook ( FB) has become increasingly proactive in its effort to halt criticism about how it screens out dubious news stories and sources. The social media company has a new plan to offer publisher information in its feed when it shows news articles.
Facebook began testing a new "i" button on its feed that allows for a dropdown of more information.
"For links to articles shared in News Feed, we are testing a button that people can tap to easily access additional information without needing to go elsewhere. The additional contextual information is pulled from across Facebook and other sources, such as information from the publisher's Wikipedia entry, a button to follow their Page, trending articles or related articles about the topic, and information about how the article is being shared by people on Facebook," Facebook said in a blog post Thursday.
Musk Says Tesla Could Provide Relief With Solar and Battery Systems
Tesla (TSLA) and SolarCity head Elon Musk responded to a Twitter query Thursday about whether his companies could provide relief for the beleaguered citizens of Puerto Rico.
The Tesla team has done this for many smaller islands around the world, but there is no scalability limit, so it can be done for Puerto Rico too. Such a decision would be in the hands of the PR govt, PUC, any commercial stakeholders and, most importantly, the people of PR.— Elon Musk (@elonmusk) October 5, 2017
IRS Defends Contract With Equifax Amid Congressional Grilling
The IRS defended its decision to award embattled credit service provider Equifax (EFX) a $7.2 million no-bid contract last week as politicians on Capitol Hill grilled the company over its response to the data breach that exposed sensitive financial information of 143 million Americans.
"More than 20 days had passed since we learned of the greatest data breach in history, and you just signed a contract to have Equifax have access to IRS data for identity verification purposes. I'm Floored," Rep. Jackie Walorski (R-Ind.) said during a Ways and Means subcommittee meeting, according to Politico.
"Simply having Equifax data would not be enough for a bad actor to access the system," the IRS told Politico.
Amazon's Delivery Service Tests Are Sending UPS and FedEx Reeling
FedEx (FDX) and UPS (UPS) were falling premarket on news that Amazon (AMZN) would be testing out its own delivery service. The program, called "Seller Flex," will have Amazon pick up packages from third-party sellers and deliver them to Amazon customers.
Both UPS and FedEx were down about 2% premarket, while Amazon shares were up 0.5%.
Hurricane 'Nate' Could Make Landfall in the U.S. This Weekend
Tropical Depression Sixteen could graduate to Hurricane Nate and hit the U.S. Gulf Coast on Sunday, the Weather Channel reported Thursday.
The storm isn't expected to be as devastating as some of the other hurricanes that have hit mainland U.S. and the Caribbean in recent weeks, and could even remain a tropical storm.
The storm is expected to make landfall somewhere in between Louisiana and Florida.
U.S. futures were pointed in the right direction ahead of the opening bell, with S&P 500 futures contracts rising 0.06%, Nasdaq futures climbing 0.15% and Dow Jones futures gaining 0.04%
Asia continued its winning streak Thursday with Hong Kong's Hang Seng market closing the day up 0.73% and the Shanghai Composite rising 0.28%. In Europe, Germany's DAX was the only market in the red with about three hours left in trading, down 0.04%.