Here's what happened on Wall Street Tuesday, November 28.
The major averages reached session highs shortly after the Senate Budget Committee voted to let the tax reform bill more to the chamber's floor for a vote, possibly sometime this week. All three closed the day at record levels.
The Dow Jones and S&P 500 closed trading up 1.09% and 0.98% respectively. The Nasdaq climbed 0.49% Tuesday.
Tax Reform Bill Advances to Senate Floor
The Senate Budget Committee voted to allow the GOP tax reform bill to head to the Senate floor for a vote Tuesday, giving a win to President Trump's efforts to pass tax reform.
The 12-11 party-line vote paves the way for the full bill to be voted on later this week. House Republicans already passed their version of tax reform.
Trump is expected to speak sometime Tuesday afternoon.
Cybersecurity Firm Once Again Cracks iPhone's Facial Recognition
For the second time in under a month cybersecurity firm Bkav has fooled the facial recognition technology securing Apple's (AAPL) iPhone X using a 3D printed mask.
The mask is made of stone powder and 2D infrared images of eyes that mimic what the technology is looking for when it unlocks the phone.
About 2 weeks ago, we recommended that only very important people such as national leaders, large corporation leaders, billionaires, etc. should be cautious when using Face ID. However, with this research result, we have to raise the severity level to every casual users: Face ID is not secure enough to be used in business transactions
Alphabet Granted Uber Trial Delay Just Days Before Proceedings Were to Start
Alphabet's (GOOGL) lawsuit against Uber over stolen files from its self-driving car division, Waymo, will take a little longer to play out after a judge granted Alphabet a delay because the company said it had received new evidence.
The two sides were scheduled to begin jury selection on December 4.
Alphabet contends that a letter sent from the lawyer of one of the defendants to another defendant should have been made public in discovery. Uber's lawyers sent over the heavily redacted letter on November 24.
Cyber Monday Was a Smashing Success
While sales at brick and mortar retailers remained steady year over year, mobile and desktop sales on Cyber Monday spiked to help the day become the most profitable ever for retailers in the U.S.
The Thanksgiving day weekend was also a strong period for retailers, with sales rising 16% year over year and topping analyst expectations of 12% growth.
As of early Monday, Americans spent $14 billion between Thanksgiving and Cyber Monday, according to Adobe.
MNF Hits Season Low as Ravens Top Texans
The Ravens and Texans played in front of the smallest television audience of the season for Monday Night Football on ESPN (DIS) . Ratings were down 17% from last week's game.
This year's season low, so far, is 2% lower than last season's low.
President Donald Trump wasted no time assigning blame for the dwindling ratings in a tweet Tuesday.
At least 24 players kneeling this weekend at NFL stadiums that are now having a very hard time filling up. The American public is fed up with the disrespect the NFL is paying to our Country, our Flag and our National Anthem. Weak and out of control!— Donald J. Trump (@realDonaldTrump) November 28, 2017
Roku Still on Fire Following Analyst Note
Roku (ROKU) shares were up nearly 5% Tuesday morning -- after rising nearly 18% in the previous session -- as an analyst note from Needham nearly doubled the company's price target to $50 from $28.
"Like Netflix (NFLX) , we view ROKU as a pure play on over-the-top (OTT) TV-viewing growth, but ROKU has no content risk. Recent announcements and press reports that DIS, GOOG, AMZN, etc. are launching new OTT services helps ROKU but hurts NFLX," Needham analyst Laura Martin wrote.
Wells Fargo Foreign Exchange Desk Has Been Overcharging Customers
An internal review of nearly 300 foreign exchange fee agreements showed that Wells Fargo (WFC) overcharged in nearly 90% of them, according to a Wall Street Journal report.
The fraud was revealed during a conference call in June that was part of an investigation that led to the ouster of four foreign-exchange bankers.
"Wells Fargo remains committed to our foreign exchange business," the bank said in a statement Monday. "If we find a problem, we fix it."
The bank is still dealing with the fallout from its fraudulent consumer account scandal and still faces federal and state investigations into that matter.
Roark Capital Group Purchases Buffalo Wild Wings for $157 Per Share
Roark Capital's Arby's Restaurant Group announced the purchase of Buffalo Wild Wings (BWLD) for $157 per share -- or $2.7 billion. The purchase price represents a 7% premium over the stock's previous closing price.
The deal, which still needs approval from Buffalo Wild Wings shareholders, is expected to close in the first quarter of next year.
Buffalo Wild Wings shares were up more than 6% premarket.
YouTube Continues to Have Trouble With Content Control
Alphabet (GOOGL) subsidiary YouTube is facing advertiser backlash over videos that appear to sexualize children. Deutsche Bank (DB) , Adidas (ADDYY) , Mars and Cadbury, and other advertisers have pulled out of the ad campaigns on the site after their commercials were played before the videos. GOOGL is a holding of Action Alerts PLUS.
This is the second major advertiser revolt against the popular video-sharing site. Earlier this year advertisers began pulling out after their advertisements were shown ahead of videos promoting terrorism.
Trump Pick Jerome Powell Is on the Hot Seat Tuesday
Jerome Powell, current Federal Reserve board member and former private equity executive, will face questions from the Senate Banking Committee as part of his confirmation for the Federal Reserve Chair.
Powell is President Trump's pick for the role and is expected to take over for Janet Yellen once her term is over next year.
Powell has come out in favor of raising interest rates further in order to support the bank's goal of increasing employment.
U.S. futures contracts were rising premarket Tuesday, indicating a strong opening for the major averages, which had a mixed day of trading in the previous session.
Dow futures were leading the way higher, rising 0.17%, while Nasdaq and S&P futures gained 0.1% and 0.12%, respectively.
World markets were mixed Tuesday morning, with Asian averages struggling while European markets were in the green. The FTSE 100 in the U.K. was rising 0.6% with more than three hours left in trading.