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Fox is giving Tim Allen's "Last Man Standing" a second chance at life.The network announced on Friday the mutli-cam comedy has been picked up for a new season, roughly one year after its cancellation by ABC caused an uproar among some, who alleged star Tim Allen's conservative political views played a part in the network's decision to ax the series."Excited?," said Allen in a statement via the network. "Team ['Last Man Standing'] was in the sixth inning, ahead by four runs, stands were packed and then for no reason, they call off the game. It leaves you sitting in the dugout, holding a bat and puzzled. Now we get the news from FOX that it's time to get back out on that diamond -- hell yes, I'm excited!"The series is set to air on Fox during the 2018-19 TV season.The comedy was canceled by ABC in May 2017, a move that drew criticism from Allen and prompted fans to create petitions for its return."Stunned and blindsided by the network I called home for the last six years," Allen tweeted at the time.ABC denied Allen's political views played a role in its decision, saying the show's cancellation was motivated by "business and scheduling reasons."Among those business reasons -- "Last Man Standing" was produced for ABC by 20th Century Fox Television, and network ownership plays a large role in programming decision. (Meaning, a TV series produced by a broadcast network's in-house studio has an edge over one that is not when decision time rolls around.)The 'Roseanne' effect? Why networks shouldn't count on an encoreNotably, a year later, ABC found a hit in its reboot of "Rosanne," starring Roseanne Barr, who is both a supporter of President Trump and plays one on the show."Last Man Standing" averaged 8.3 million viewers for ABC during the 2016-2017. It was the network's second most-watched comedy, after "Modern Family," a release from Fox said.The decision to bring "Last Man Standing" back from the dead comes one day after Fox canceled a trio of comedies, including "The Mick," "The Last Man on Earth," and "Brooklyn Nine-Nine" -- much to the chagrin of fans."I'm sure audiences will be curious to see what we look like after all these years," Allen added in his statement. "Oh, has it only been one year? Well, just goes to show you -- a lot can happen in a year."The-CNN-Wire 2311

Federal Reserve chairman Jerome Powell gave investors reason to cheer on Wednesday when he suggested that the Fed may slow down its interest rate hikes.The Dow surged on the news and closed up 600 points, or more than 2%, in midday trading. The S&P 500 and Nasdaq each rose about 2% as well.Powell reassured investors that the Fed wouldn't risk killing off economic growth by continuing to aggressively raise rates next year."Our gradual pace of raising interest rates has been an exercise in balancing risks," Powell said during a speech at the Economic Club of New York. "We know that moving too fast would risk shortening the expansion. We also know that moving too slowly -- keeping interest rates too low for too long -- could risk other distortions in the form of higher inflation."Powell noted that rates remain relatively low and that they are just below what many economists consider "neutral for the economy -- that is, neither speeding up nor slowing down growth."Investors seemed to interpret Powell's comments as a sign that the Fed, which is widely expected to raise rates again at a meeting next month, may now only hike rates once or maybe twice at most in 2019 as opposed to earlier forecasts of three or four hikes.The Dow's most cyclical stocks were among the biggest gainers. Shares of Boeing (BA), Caterpillar (CAT), Microsoft (MSFT) and Apple (AAPL) helping to lead the rally.In fact, only four Dow stocks -- Verizon (VZ), United Technologies (UTX), DowDupont (DWDP) and Procter & Gamble (PG) -- were trading lower Wednesday afternoon.Matthew Cheslock, a trader at Virtu Financial, told CNNMoney editor-at-large Richard Quest on "Markets Now" Wednesday that the market interpreted Powell's comments as meaning that we are "closer to normal rates. I think that was what really sparked the market to go higher."Cheslock added that some of Powell's remarks about the market not being in a bubble were reassuring as well.Powell's comments may assuage concerns about the Fed possibly going too far with rate increases, a criticism leveled by President Donald Trump.But Tobias Levkovich, Citigroup chief US equity strategist, told Quest that the market may be overreacting."I'm not dancing or partying right at the moment," he said, adding that the Fed has talked about gradual rate hikes "for a very long time." "Maybe [the markets] were just worried it would be worse," Levkovich said.To that end, Trump, who chose Powell to replace former Fed chief Janet Yellen, has often bashed him and the Fed on Twitter and in interviews for the rate hikes.In fact, Trump attacked Powell again in a Washington Post interview Tuesday, saying he was "not even a little bit happy" with Powell and that the Fed was making a mistake with so many rate hikes.Trump even added that sometimes decisions he makes with his "gut" matter more than what other people's brains tell him.Whether or not investors were using their guts or brains when deciding to jump back into stocks Wednesday remains to be seen. But it's clear that the bulls were back in charge on Wednesday."Markets Now" streams live from the New York Stock Exchange every Wednesday at 12:45 p.m. ET. Hosted by Quest and CNNMoney's business correspondents, the 15-minute program features incisive commentary from experts.You can watch "Markets Now" at CNNMoney.com/MarketsNow from your desk or on your phone or tablet. If you can't catch the show live, check out highlights online and through the Markets Now newsletter, delivered to your inbox every afternoon.The-CNN-Wire 3545

For years Rachel and Greg Osterland have decorated their Wadsworth to look just like a famous one— the Griswold’s house from "National Lampoon’s Christmas Vacation." The home has become a must-see for families across Northeast Ohio during the holiday season. On Friday, the family held the official lighting of the home. Typically, the family hosts a crowd of spectators but this year, because of the COVID-19 pandemic, the event was virtual. The Osterlands lit their home just before 7 p.m. Watch video from the event in the player below: 549

Former President Bill Clinton will highlight the second day of speeches from a virtual Democratic National Convention.Among those joining Clinton are former Secretary of State and Democratic presidential nominee John Kerry, former Acting Attorney General Sally Yates and Senate minority leader Chuck Schumer.Dr. Jill Biden, the wife of presumptive Democratic presidential nominee Joe Biden, is also expected to deliver remarks.According to CNN and NBC News, former Secretary of State under Republican President George W. Bush Colin Powell will officially endorse Joe Biden on Tuesday.Rep. Alexandria Ocasio-Cortez, one of the party's most vocal members and a leader in the Democratic party's progressive wing, will deliver a 60-second speech on Tuesday evening. Progressive members of the party have been critical of the DNC's decision to limit Ocasio-Cortez's speaking time, while allowing some Republicans, like former Ohio Gov. John Kasich, the opportunity to speak longer.Ocasio-Cortez responded to the criticism by posting, "I only have a minute," a poem by Dr. Benjamin E. Mays. 1092

FedEx said Monday they are planning to hire 70,000 seasonal workers as they head into the holidays.In a hiring statement on its website, the shipping company said most of those hired for its "peak season" would be added to its FedEx Ground network."As our team of more than 500,000 team members is busy preparing to deliver the holidays, we once again expect to see a large number of packages traverse our global network over the 2020 peak holiday shipping season," FedEx said. "In order to provide the best possible service during this busy time of the year, FedEx is increasing hours for some existing employees and boosting our workforce with seasonal positions, as needed." The Memphis-based company added that it expanded FedEx Ground’s year-round Sunday residential coverage to nearly 95% of the U.S. population, which went into effect Sunday. 857

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