Morning Business Report: Stocks hit record highs as Fed nomination shifts and tax refunds rise

Stocks are continuing their upward climb, reaching record highs despite ongoing geopolitical tensions.

(LILAMAX) – The S&P 500 and Nasdaq both closed at new highs Friday, signaling strong investor confidence even amid uncertainty involving Iran.

Meanwhile, movement is happening in Washington surrounding the Federal Reserve. Thom Tillis is now backing away from his opposition to Kevin Warsh for Federal Reserve chair. Tillis had previously blocked the nomination but is now offering support after the Justice Department dropped its investigation into current Fed Chair Jerome Powell. The Senate Banking Committee is expected to vote on Warsh’s nomination this week.

In consumer news, Americans are seeing bigger tax refunds this year.

According to the Internal Revenue Service, the average refund for individual filers is about $3,275—up roughly 11% from last year. The beauty industry is also seeing a shift in spending trends. Experts say Generation X is emerging as one of the most important consumer groups for beauty brands, while younger consumers continue to focus on anti-aging and longevity products.At the same time, safety concerns remain on U.S. roads.

The U.S. Department of Transportation reports distracted driving leads to more than 10,000 deaths and 1.3 million injuries each year, with an estimated economic impact of nearly $100 billion.