In politics, President Donald Trump announced Wednesday that the U.S. recognized Jerusalem as the capital of Israel and that the American embassy would be moved there, even though officials recently said the relocation could take "years".
The announcement was met with condemnation worldwide, from Arabs and Muslims in the Middle East, to the United Nations and European Union; with the latter two institutions both voicing fears about what ramifications the decision would have on the peace-making process between Israel and Palestine.
The overhaul in the U.S. tax system continues to sway market sentiment. The U.S. Senate voted to go to a conference committee with the House on Wednesday, in order to negotiate a plan when it comes to reforming the current system. The Senate voted 51-47 in favor, with Republicans hoping to secure an agreement on a tax proposal by Christmas.
William Dudley, president of the Federal Reserve Bank of New York, is expected to attend the "Higher Education Financing and Costs and Returns of Higher Education" event in New York.
Elsewhere, Bitcoin broke above the $14,000 mark, less than 24 hours after the cryptocurrency passed the $12,000 milestone.