President Donald Trump says he’ll tap former Federal Reserve governor Kevin Warsh as the next Fed chair to replace Jerome Powell in May. The appointment, which requires Senate confirmation, amounts to a return trip for Warsh, 55, who was a member of the Fed’s board from 2006 to 2011. He was the youngest governor in history when he was appointed at age 35. He is currently a fellow at the right-leaning Hoover Institution and a lecturer at the Stanford Graduate School of Business. Prior to serving on the Fed’s board in 2006, Warsh was an economic aide in George W. Bush’s Republican administration and was an investment banker at Morgan Stanley.

Wall Street ticked to a record as stocks zigzagged underneath the market’s surface following mixed profit reports from UnitedHealth, General Motors and other big companies. The S&P 500 rose 0.4% Tuesday, even though more stocks fell within the index than rose. It squeaked past its prior all-time high set a couple weeks ago. The Dow Jones Industrial Average dropped 0.8%, and the Nasdaq composite rose 0.9%. Gains for Apple, Microsoft and GM helped work against sharp drops for UnitedHealth Group and other insurers. Treasury yields held relatively steady in the bond market, but the U.S. dollar's value slid sharply again against other currencies.

The U.S. stock market finished its zigzag week full of tariff threats and cancellations with a quiet and tentative close. The S&P 500 barely changed on Friday and notched a second straight week with a modest loss. The Dow Jones Industrial Average dipped 0.6%, and the Nasdaq composite rose 0.3%. The majority of U.S. stocks fell, including Intel, which gave a weaker financial forecast for upcoming results than analysts expected. The U.S. dollar’s value slid against the Japanese yen, euro and other currencies, while gold rose to another record in a signal that nervousness remains in the market.

Fed's preferred inflation gauge ticked higher in November as spending rose.

A look at false and misleading claims made as President Donald Trump marks his first year back in office by highlighting accomplishments at Davos and at a White House briefing. He falsely claimed the 2020 election was rigged and exaggerated his role in resolving international conflicts, claiming to have settled eight wars. His statements on inflation, coal, windmills and Greenland were also incorrect.

Stocks sank on Wall Street after President Donald Trump threatened to hit eight European countries with new tariffs as tensions escalate over his attempts to assert American control over Greenland. The S&P 500 fell 2.1% Tuesday, its biggest drop since October. Technology stocks were the biggest weights. The Dow Jones Industrial Average dropped 1.8%. The Nasdaq composite slumped 2.4%. Trump said Saturday that he would charge a 10% import tax starting in February on goods from the eight European nations. European markets also fell, while gold prices surged. Long-term Treasury yields rose in the bond market.