5 Best-Performing Stocks Of November

House of Representatives Passes Cuts

On Nov 16, House of Representatives finally passed the much-awaited tax cuts legislation. This takes President Trump and his team one step closer toward realizing their most important agenda — tax reforms.

Ultimately, in a 12-11 vote on Nov 28, the Senate Budget Committee advanced the Tax Bill proposed by the members of the GOP. Senators Bob Corker and Ron Johnson also voted in favor of the Bill. Senator John McCain also stated that he would vote in favor of the Bill.

Black Friday Sales Push Retailers Higher

Holiday shopping continued even after Black Friday, eventually boosting gains for retailers. Per the report from Adobe (ADBE - Free Report) , Black Friday sales of online retailers totaled a whopping $5.03 billion. Online retail giant Amazon (AMZN - Free Report) edged up 0.8%on Nov 27 and posted its fourth consecutive record finish in as many trading sessions.
Meanwhile, retailers like American Eagle Outfitters (AEO - Free Report) , Dillard’s Inc. (DDS - Free Report) and Gap Inc.(GPS - Free Report) all increased 1.8%, 4.7% and 1.21%, respectively. On the other hand, fast food retailer Chipotle Mexican Grill Inc. (CMG - Free Report) lost 1.8% and toy makers like Hasbro (HAS - Free Report) and Mattel MAT declined 1% and 1.5%, respectively.
Fed Refrains from Rate Hike, Powell to Be Next Fed Chair

Markets gained traction on Wednesday after the Fed decided not to raise the benchmark interest rates and offered a positive view about the U.S. economy. At the end of its two day meet, the Fed stated that the U.S. economy has been growing at a "solid rate" compared to a "moderate rate" in September.

Although, the Fed kept the interest rate unchanged in the range of 1% to 1.25%, it indicated that there is a huge possibility of a hike in rate in December.Meanwhile, a minority of policymakers maintained that the rate hike should be kept on hold till the inflation target of 2% is met.

Meanwhile, President Trump appointed member of the Federal Reserve Board of Governors Jerome Powell as Janet Yellen’s successor post the expiration of her term as Fed Chief in February.

In the minutes of Oct 31-Nov 1 FOMC policy meeting, Fed officials clearly hinted at a December rate hike. However, some policymakers showed concerns over “persistent” slowdown in inflation and indicated that the central bank may scale back to one or at two rate increases next year, which was lower than the previously expected three rate hikes.

5 Star Performers for November

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