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, November 30th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Stocks were mixed to close out today's session. The Dow closed up over 500 points, the Nasdaq closed down two-tenths of a percent, and the S&P closed three-tenths of a percent higher. This comes after recent data showed that inflation continued to cool, giving investors hope that the Fed could start to cut interest rates.
Overall, it was a good month for stocks – all three major averages closed out the month in the green as the economy stays resilient. Historically, November is typically a good month for stocks.
In other news - climate change is burning a huge hole in the wallet of Uncle Sam. According to a new U.S. National Climate Assessment report, an extreme weather event in the United States occurs every three weeks and causes about a billion dollars worth of damage. Compare that to the 1980s, when damage like that occurred once every four months.
As of November 8, there were 25 weather-related disasters that exceeded $1 billion in damage. With two months left of data to be reported, that already surpasses 2022’s total. Damage from wildfires in Hawaii this past summer caused $5.6 billion worth of damage alone.
The report states that, in total, extreme weather events cost the United States $150 billion a year. For context, that’s more than what it cost to provide 41 million people with food stamps last year. The total cost of extreme weather events includes covers direct damage caused by the event, worker injuries, and agricultural losses. And with a projected rise in both sea levels and temperature - it’s no surprise that the 150 billion dollar projection is expected to rise as well.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
