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, December 28th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off yet another winning session on Wall Street as markets continue to enjoy end of year gains. All three major averages are on pace to close out 2023 in the green with the S&P just points away from hitting a record high, and the tech heavy NASDAQ on track for its best year in nearly 20 years.
Investors are also reacting to weekly jobless claims…218,000 Americans filed for unemployment last week, above expectations of 210,000 and an increase from the previous week. This figure emphasizes the resilience of the labor market.
In other news - there’s already something to look forward to in 2024: cheaper gas. According to a report by GasBuddy, the average price for a gallon of gas next year will be $3.38, down from $3.51 in 2023 and almost 60 cents cheaper than it was in 2022.
In total, Americans are expected to spend a collective $32 billion less on gas in the new year. Of the new report, GasBuddy’s head of petroleum analysis told CNN, “Gas prices may still be a bit elevated but considering wage growth, it is taking less of Americans’ hard work to pay for that gallon of gasoline.”
A big reason for the bullish prediction is the fact that the United States is slated to produce 13.3 million barrels a day, more oil than any country ever has.
However, there are several factors that could derail GasBuddy’s optimistic outlook. Escalating tensions in the Middle East could cause oil prices to spike, and weather-related events like hurricanes or heat waves could potentially affect U.S. refineries.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
