TheStreet's JD Durkin brings the latest business headlines from the New York Stock Exchange as markets close for trading on Wednesday, February 21.
Full video transcript below:
JD DURKIN: I'm JD Durkin, reporting from the New York Stock Exchange.
stocks closed mixed to close out today's session. The Dow Jones closed up 48 points, the Nasdaq closed down three-tenths of a percent and the S&P closed slightly higher. Investors are reacting to minutes from the Federal Reserve's January meeting, which indicated the Fed will postpone cutting interest rates until it is sure inflation is slowing. Markets are currently pricing in a 6.5 percent chance of a rate cut in March.
In other news, the Biden administration is forgiving another $1.2 billion in student loan debt. More than 150,000 Americans enrolled in the Savings on a Valued Education plan, or SAVE plan, will receive student debt relief. To be eligible, borrowers must have taken out a loan of $12,000 or less and have been repaying the loan for at least a decade.
Under the normal terms of repayment plans, borrowers do not receive debt forgiveness until after 20 to 25 years of payments. But the new SAVE plan allows borrowers to see their debt paid off in about 10 years.
Commenting on the news, Secretary of Education Miguel Cardona said: “With today's announcement, we are once again sending a clear message to borrowers who had low balances: if you have been paying for a decade, you have done your part and “They deserve relief.”
According to the White House, the Biden administration has canceled more than $138 billion in student debt for nearly 4 million Americans.
That will be enough for your daily report. From the New York Stock Exchange, I'm JD Durkin of TheStreet.
