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, December 11th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange.
Stocks were in the green to close out today's session. The Dow closed up 156 points, the Nasdaq closed up two tenths of a percent, and the S&P closed three tenths of a percent higher. Investors are looking ahead to the December Fed meeting and key inflation data out Tuesday. While this report isn’t expected to sway the Fed’s next interest rate decision, a higher than expected figure could dampen investor hopes of an interest rate cut in the near future. As of now, markets are pricing in a 40 percent chance that the central bank cuts rates in March.
In other news, after filing for Chapter 11 bankruptcy in September, SmileDirectClub is completely shutting down, effective immediately. Founded in 2014, the company sold teeth aligners directly to consumers, aimed at making dentistry and orthodontics faster and cheaper for customers.
The company announced that existing customers in the middle of treatments, which could take between four and six months, are encouraged to consult a dentist if they want to continue their teeth straightening.
However, customers who financed their treatment plans with SmileDirectClub are expected to continue to make all monthly payments until payment has been made in full per the terms of our SmilePay program.
In 2019, SmileDirectClub launched its IPO, which valued it at almost $9 billion. According to the company, it has served over two million people worldwide.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
