TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why GM is ending production of the Chevy Malibu.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street on this Thursday.
00:06Can the Dow make it seven in a row?
00:08While Wall Street was handed another mixed bag on Wednesday, the Dow finished in the
00:12green for the sixth consecutive day, but the S&P 500 and the Nasdaq both finished fractionally
00:18down.
00:19Investors are digesting the release of the weekly jobless claims report.
00:23The Department of Labor said 231,000 Americans filed for unemployment benefits for the week
00:28ending on May the 4th.
00:30That's an increase of 22,000 from the week before.
00:34Wall Street is also looking ahead to consumer sentiment data due on Friday.
00:39In other news, after 60 years, nine generations and more than 10 million cars sold, General
00:45Motors says it is shutting down production of the Chevy Malibu.
00:50The first Malibu was introduced in 1964, but was phased out in the early 1980s as GM switched
00:56its focus to selling trucks.
00:58The Malibu made a comeback in 1997 and has been in Chevy showrooms ever since.
01:03The final Malibu will roll off the production line in November.
01:07Aside from struggling to make the car more fashionable over the last several years, GM
01:11wants to focus on electric vehicles.
01:14Its Fairfax assembly plant in Kansas will shift production to two other GM vehicles,
01:19the Chevy Bolt and the Cadillac XT4.
01:23The company has invested $390 million to revamp the Chevy Bolt, which saw production
01:28halted in April of last year.
01:31With the phasing out of the Malibu, Chevrolet has just one gas-powered car remaining, the
01:35Corvette.
01:36The Camaro, by the way, is still rolling off factory floors, but it too will be phased
01:40out sometime in 2024.
01:43As for GM's EV strategy, the company fell short of its goal to sell 400,000 EVs between
01:502022 and the middle of 2024.
01:53And even with the industry facing tepid EV demand, GM said it's on track to produce between
01:59200,000 and 300,000 EVs in North America by the end of the year.
02:05That'll do it for your daily briefing from the New York Stock Exchange.
02:08I'm Conway Gittens with the Street.