TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, December 14th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a record-setting rally which saw the Dow climb to 37,000 – its highest level ever. This comes after the Federal Reserve left rates unchanged for the fifth straight month, marking the final interest rate decision of 2023. The central bank also indicated plans to cut rates three times in 2024 and four times in 2025.
Wall Street is also reacting to retail sales data. Consumers showed unexpected strength in November with retail sales climbing 0.3 percent, compared to the 0.2 percent decline seen in October.
In other news, federal regulators are warning about a new scam this holiday season: card draining. This is a popular scheme where gift cards are drained of all their cash, leaving the purchaser with an empty balance on the card.
But there are some ways to protect yourself from this scam – officials recommend making sure the gift card is in sealed packaging with no signs of tampering and to keep the receipt. If you find that the card balance is drained, immediately report it to the store to request a freeze on the card. Some officials suggest avoiding purchasing gift cards altogether this holiday season.
This stark warning comes after a California man was arrested for illegally draining over 5,000 Target gift cards.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
