TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, December 13th.
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 over 500 points, the Nasdaq closed up 1.3 percent, and the S&P also closed 1.3 percent higher. This comes after the Federal Reserve left interest rates unchanged for the fifth straight month, a move that was highly expected by Wall Street. This marked the Fed’s final policy decision of 2023.
With interest rates at 22-year highs, the central bank made its first indication at rate cuts, anticipating three in 2024, and another four in 2025. This comes as inflation continues to cool after hitting a 40-year high in 2022.
In other news - Tesla is recalling almost all 2 million cars it’s sold in the U.S. to limit the use of its Autopilot feature. After about 1,000 crashes involving the feature, Tesla will implement a wireless software update. The software will issue more warnings when drivers have the Autopilot’s “Autosteer” function turned on.
According to the National Highway Traffic Safety Administration, the issue is, “in certain circumstances when Autosteer is engaged, the prominence and scope of the feature’s controls may not be sufficient to prevent driver misuse of the feature.”
Tesla will also limit the use of Autosteer by continuously checking a driver’s attention. The recall is a big blow to Tesla, as Elon Musk has touted the vehicles’ self-driving capabilities saying, “in the long term, I think, has the potential to make Tesla the most valuable company in the world by far. If you have fully autonomous cars at scale and fully autonomous humanoid robots that are truly useful, it’s not clear what the limit is.”
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
