Stocks drifted lower as investors pondered the impacts of tariffs, White House drama, and rising interest rates. Secretary of State Rex Tillerson was fired by President Trump on Tuesday, while Chief of Staff John Kelley told officials that there were no immediate personnel changes planned regarding himself. Meanwhile, a court of appeals ruled that the Department of Labor overreached with its fiduciary rule and struck down the law.
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It was a busy week in Washington, complete with major cabinet reshuffling, a blocked mega-merger, a broadening investigation into one of the country’s biggest banks, and a plot-line of an alleged affair between the President and a porn star that doesn’t seem to want to go away. Almost as an afterthought, the Fifth Circuit Court ruled that the Department of Labor (DOL) “overreached,” potentially striking a death blow to the Fiduciary Rule.