TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, March 11.
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 47 points, the Nasdaq closed down four-tenths of a percent, and the S&P closed fractionally lower. Investors are looking ahead to key data on consumer prices out Tuesday. This inflation report will be closely watched by investors after Fed Chair Jerome Powell indicated that the Fed won't cut interest rates until inflation is under control.
In other news, almost half of the parents with a child over the age of 18 say they still provide financial support. According to a new report by Savings.com, 47 percent of parents with adult children help pay for groceries, cell phone plans, and health and auto insurance. The report found that parents are shelling out almost $1,400 a month to help support their kids.
Despite improvement to the overall economy, Savings.com’s findings may reveal, quote “This may indicate that the economic recovery, evidenced by high employment, falling inflation, and economic growth, hasn’t reached young Americans unwilling or unable to wean themselves off their parents’ help.”
The number of parents sacrificing their own financial security to help their children is on the rise. 58 percent said they’ve put their own financial security at risk, a more than 60 percent jump from what parents said last year.
Findings also showed that 61 percent of adult children still living at home don’t contribute to any household expenses.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
