Closing BellHere's what happened on Wall Street, Wednesday, Nov. 31.
It was a mixed day on Wall Street, but the Dow closed at an all-time high, finishing the day higher 0.34% to 23,515.30
The S&P also closed in the green, but the Nasdaq finishing the session in the red.
Highlights from Thursday included a fresh lawsuit brought against Apple by Qualcomm, President Trump's nomination of Jerome Powell as the next Fed chair, and the unveiling of the tax plan.
Jerome Powell Named the Next Chairman of the Federal ReserveJerome Powell was named the new chair of the Federal Reserve by President Donald Trump on Thursday.
Powell will take over for current Chair Janet Yellen, whose term will expire in February.
Powell is expected to continue enacting low-interest rate and balance sheet reduction for the central bank. Powell will likely "preserve continuity," according to a note from Goldman Sachs economists, "as his stated economic and monetary policy views largely mirror those of the current leadership."
Qualcomm Sues AppleQualcomm ( QCOM) has sued Apple ( AAPL) , alleging that the tech titan violated a software license contract that benefited Intel ( INTC) for developing broadband modems, Reuters is reporting.
The San Diego-based Qualcomm argues that Apple used its commercial leverage to command unprecedented access to the Qualcomm's very confidential software, including source code.
Broadcom Moving HQ to U.S.President Donald Trump on Thursday announced that Semiconductor giant Broadcom ( AVGO) is moving its headquarters to the U.S. from Singapore.
Broadcom will legally relocate to Delaware upon shareholder approval of the proposed relocation.The move is said to carry the potential of bringing over $20 billion in revenue to the U.S.
Shares of Broadcom were climbing higher following the report of the move.
The Potential $85.4 Billion AT&T, Time Warner Deal is in JeopardyThe U.S. Department of Justice is contemplating blocking AT&T's ( T) acquisition of Time Warner ( TWX) , as it continues to talk to both sides, the Wall Street Journal is reporting.
The DOJ could still approve the deal should both sides agree to specific conditions, the report added. But, the two are reportedly not close to any such agreement.
Last year, AT&T agreed to purchase Time Warner for $85.4 billion and has been awaiting regulatory approval for the deal to close.
U.S. Online Sales to Top $100 Billion This Holiday SeasonComputer software company Adobe ( ADBE) on Thursday projected a significant spike in online holiday shopping this year.
Adobe projected that online sales would be $107.4 billion this year, an increase of 13.8% from last year, while in-store retail is projected to grow 10%.
Additionally, for the first time, web traffic on smartphones and tablets is expected to be higher than for desktops, at 54% and 46% respectively, Adobe said.
The company also estimated that Cyber Monday will become the biggest online shopping day in history, generating $6.6 billion in sales, representing a 16.5% growth compared to 2016.
Adobe also estimates that sales on Thanksgiving Day will jump 15% year-over-year to $2.8 billion. "One out of every six dollars this holiday season will be spent between Thanksgiving and Cyber Monday, leading to $19.7 billion in sales," the company added.
Comcast to Service Taco Bell Corporate and Franchise LocationsComcast ( CMCSA) on Thursday announced that YUM! Brands' ( YUM) Taco Bell has selected its Comcast Business Enterprise Solutions to provide managed services, like Wi-Fi, at over 6,200 Taco Bell corporate and franchise locations nationwide.
Comcast Business will help Taco Bell's operations across the country maintain "a high-performance, redundant, highly-available network infrastructure."
Comcast will provide managed services including guest Wi-Fi, 4G business continuity at each location, and an IPsec VPN network, allowing for the collection and exchange of large amounts of data at very high speeds across Taco Bell locations.
AutoNation Announces Alphabet PartnershipAutoNation ( AN) , the largest automotive retailer in the U.S., announced on Thursday that it had signed a multi-year agreement with Alphabet's ( GOOGL) Waymo, the Internet giant's self-driving car unit, to offer support and services across Waymo's fleet of autonomous vehicles.
"AutoNation will offer strategic capabilities to maximize the life of Waymo's vehicles across the United States," AutoNation said in a statement.
The deal covers long-term vehicle maintenance and mechanical and cosmetic repairs for Waymo's fleet of self-driving Fiat Chrysler Automobiles (FCAU) . The agreement will expand as Waymo adds more brands and models to its self-driving fleet.
PremarketU.S. stock futures contracts were rising ahead of the opening bell Thursday, pointing toward a higher opening for the three major indices in trading.
In Asia, the Nikkei 225 rose 0.53%% to 22,539.12, the Hang Seng was lower 0.26% and the Shanghai Composite sunk 0.37% in Thursday trading.
Indices in Europe were mixed, with the FTSE 100 in the U.K. higher 0.40%, the CAC 40 in France lower 0.25% and DAX in Germany was sinking 0.16% with about four hours left in trading across the Atlantic.