Dow ends at fresh record as pound falls after rate hike

The Dow finished at a fresh record after President Donald Trump nominated Jerome Powell to lead the Federal Reserve and congressional Republicans unveiled their long-awaited tax cut plan.
The moves in the US came on a mixed day for equity markets elsewhere, with London rallying after the Bank of England raised interest rates for the first time in a decade.
Analysts viewed Trump's Fed pick as a non-controversial choice unlikely to radically change the gradual tightening monetary policies that stock markets like.
"Meet the new boss, mostly the same as the old boss," said a note from Barclays.
Powell has echoed the Trump administration's views on bank deregulation, but also supported outgoing Fed chief Janet Yellen's very gradual interest rate increases.

Meanwhile, the tax reform proposal, which would dramatically slash corporate rates, was touted by Trump and allies in Congress as crucial to speed economic growth.

But powerful groups representing small businesses and homebuilders came out against the plan, underscoring the challenges ahead.
"There is still a long way to go for the tax reform," said Hugh Johnson of Hugh Johnson Advisors. "There will probably be a significant amount of changes."
"The market is aware of that, but is happy that something at least is getting done in Congress."
The moves come as US investor sentiment remains strong following a run of improving economic data and earnings. Apple jumped 3.2 per cent yesterday in after-hours trading following its earnings report.

Analysts were also looking ahead to Friday's US jobs report for October.