TheStreet’s JD Durkin brings the latest business headlines from the New York Stock Exchange as markets close for trading on Thursday, November 15.
Full video transcript below:
JD DURKIN:I’m JD Durkin, reporting from the New York Stock Exchange.
stocks closed today’s session in green. The Dow Jones closed up more than 160 points, the Nasdaq closed slightly higher, and the S&P also closed slightly higher.
This comes after another encouraging inflation report. The October producer price index, which measures wholesale prices, fell 0.5 percent, marking the biggest monthly drop since April 2020. Investors hope this cooling of inflation will put an end to rate hikes. interest.
In other news, the United States Postal Service suffered a large financial loss in the range of $6.5 billion, after predicting it would break even in 2023 and have a clear path to profitability.
Although USPS saw a slight increase in revenue for its shipping and packaging and first-class mail departments, an 8 percent decrease in marketing mail generated a $920 million impact. According to Postmaster General Louis DeJoy, an increase in printing prices caused a serious reduction in the amount of marketing spam sent.
Of the agency’s perspective, DeJoy said appointment “We are already providing more consistent, reliable and timely deliveries to businesses and residences across the United States. “We are also addressing near-term financial headwinds related to inflation as we make strong progress on our long-term cost control and revenue generation strategies.”
Unlike most federal agencies, the Postal Service does not receive government funding. It stopped taking taxpayer money in the 1970s and regularly relies on sales to stay in business.
That will be enough for your daily briefing. From the New York Stock Exchange, I’m JD Durkin of TheStreet.
