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yellen wrote to the president. i quote. as i prepare to leave the board i m gratified the financial system is much stronger than decade ago, better able to with stand future bouts of instability and continue to support the economic as parises of american families and businesses. she went on to thank those for her times at fed and to say that she has faith in jay powell going forward. this at the white house gives president trump even more latitude to potentially shape the federal reserve board of governors going forward. he still needs to name a vice-chair and three fed board governors. it was an interesting relationship, trish between president trump and janet yellen. back to the campaign he said she should be a shamed of herself. she essentially was a political arm of president obama and then candidate hillary clinton of the as the process ended up playing out. as these two ended up sitting down meeting with each other, i m told that is when their relationship sorted ....
they re dad better be thankful we re going to take you there live power lunch set to come out of oven right now strong gains on wall street this hour. the dow is up triple digits. the s&p costing the 2600 mark for the very first time. it s been more than two weeks since the s&p was able to screen back to back gains the best performing grews. check out some individual movers up 4% on its earnings. the food company early morning its grocery and specialty food business the company missing top and bottom line estimates. dsw plunging double digits also missing profits in sales estimates. as a virginia tech hokie, calling me a turkey is the greatest compliment you can give thank you, michelle. gobble up. we begin with a cloud of uncertainty hovering over one of the biggest deals in media history. the justice department slapping at&t and time warner with a lawsuit saying the $85 billion deal is quote illegal and harmful to consumers at&t ceo randall stephenson fighting bac ....
factors them out, and either way the markets continue to advance. we ve got market watcher heather with us and dow jones news wire editor glenn holm. heather, let s begin with this expectation that we re going the see the big tax cuts, and corporations particularly are going to be the biggest beneficiaries of the biggest tax cuts;s that is, taking the existing rate from 35 presumably to 20%. i guess the only detail is when it would take effect. what if they don t do what they re expected to do? what if they don t pour it into equipment and jobs, etc., but just into boosting their dividend? things they can do, it s their money sure. neil: what would fallout be of that? that would be very good for the stock market. if it doesn t invest in plant, property and equipment, but if you re still buying back shares and increasing dividends. but if you don t own stocks, it may take some time for the economic effects to play out because you want companies to use that cash to ....
unemployment report but the idea they can goose it, everybody gets a tax cut, we re exploring that now with charlie gasparino, mike murphy and last but not least dagen mcdowell. is this thrown out there, dagen, lower the top right. i don t know how likely that is. the senate plan would bring it to 38.5%, what do you think? because i m a nerd, i carry this around. this is an editorial in the wall street journal from the other day how to help the high-tax states, about that very thing, calling for lowering of the top tax rate. in the senate bill, it s 38.5%. in the house bill, it s 39.6%, but actually because of that onerous additional rate for those making north of 1.2 million dollars, it s 35.6%. there is the gap, we climb to that. exactly. how do you offset taking away the state and local tax deduction without truly punishing higher income workers. you lower the top rate. that s how you do it. if you take away the major deduction for them. how about the republi ....
trial? i have not. civil? no. criminal? no. bench? no. will he still get the job? police in toronto investigates after a billionaire and his wife are found dead in their home. neighbors in disbelief over the deaths as the police call the deaths suspicious. all that plus anita hill heads to hollywood to help the entertainment industry take control of sexual harassment allegations. people fall ill on board a cruise ship in the middle of the ocean and a close encounter of a different kind as an asteroid gets close to earth. announcer: this is today with sheinelle jones, craig melvin and dylan dreyer. good morning and welcome to today. thanks for joining us. glad to have you with us. i m craig melvin. dylan dreyer standing by. this close encounter we re going to have. are we going to it s not going to hit the earth, but it s going to come the closest it s been since 1974 and it won t be this close until 2093. first lets get to the top story. that ....