TheStreet's Sara Silverstein brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, December 15th.
Full Video Transcript Below:
SARA SILVERSTEIN: I’m Sara Silverstein - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are looking to end the week on a high note, marking what could be the seventh straight week of gains as Wall Street continues its rally. This week saw the Dow Jones Industrial Average hit a record high as stocks reacted to encouraging data which showed cooling inflation, strong retail sales, and an indication of interest rate cuts ahead.
In other news - General Motors announced it will be laying off 1,300 workers from two of its Michigan plants. 945 employees will be laid off from its Orion assembly plant, and 369 will be cut from GM’s assembly plant in Lansing.
The layoffs come as General Motors winds down the production of two of its models - the Chevy Camaro and the Chevy Bolt. GM released a statement saying quote “Lansing Grand River Assembly informed employees today that the plant will adjust staffing levels due to the end of Camaro production. As a result, about 350 employees will be affected beginning Jan. 2. GM anticipates having job opportunities for all impacted team members per the provisions of the UAW-GM National Agreement.”
In October, General Motors said it planned to produce other vehicles at its Orion plant, but a delay in the start of production has left the plant idle. GM says the delay is not related to the United Auto Workers strike, which was the longest U.S. auto strike in 25 years.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Sara Silverstein with TheStreet.
