The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and another round of student debt relief.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:04Stocks are in rally mode.
00:06Retail sales for September came in with a better than expected jump of 0.4 percent.
00:11Meanwhile, applications for unemployment benefits fell in the latest week.
00:14Taiwan's semiconductor beat forecasts with a 54 percent jump in quarterly profits and
00:20raised sales guidance for the year.
00:22The world's leading producer of advanced AI chips said business remains strong.
00:29In other economic news, with the economy top of mind for voters, the Biden administration
00:34is touting its record on student loan forgiveness.
00:37In another round of debt removal, $4.5 billion in student loan debt will be forgiven for
00:43more than 60,000 borrowers, according to a White House announcement.
00:47This follows President Biden's overhaul of the Public Service Loan Forgiveness Program
00:52originally instituted in 2007.
00:55Biden said in a statement, quote, public service workers, teachers, nurses, firefighters
01:00and more are the bedrocks of our communities and our country.
01:04But for too long, the government failed to live up to its commitments.
01:09That changed.
01:10Under Biden, there's been more outreach to government and certain not-for-profit workers
01:14who are eligible to have their student loan debt wiped out after 10 years.
01:18According to an estimate by the Consumer Financial Protection Bureau, one in every four American
01:23workers are eligible for this program.
01:26Under his watch, more than one million borrowers have benefited so far, meaning President Biden
01:32will leave office having done more to erase student loan debt than any of his predecessors.
01:38That'll do it for your daily briefing from the New York Stock Exchange.
01:41I'm Conway Gittins with The Street.

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