Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, April 12.
Full Video Transcript Below:
CAROLINE WOODS: I'm Caroline Woods reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Stocks are looking to round out a mixed week after seeing both red and green throughout the week. Investors are reacting to a trio of big bank earnings - JPMorgan, Citi, and Wells Fargo all reported before the bell, and all three beat Wall Street estimates. The earnings parade will continue next week with big names like Netflix, American Express, and Bank of America set to report.
In other news - the Biden administration has announced another round of student loan forgiveness. The White House plans to forgive $7.4 billion in student loan debt for 277,000 borrowers.
206,000 borrowers will have a collective $3.6 billion in debt wiped out through the administration's Saving on a Valuable Education plan. 65,000 will see their debt erased through the Department of Education's income-driven repayment plans. And 4,600 will have their debt taken care of through a program for public servants.
Of the latest round of debt forgiveness, U.S. Secretary of Education Miguel Cardona said, "As long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare, we will remain relentless in our pursuit to bring relief to millions across the country."
The Biden administration has forgiven $153 billion in debt for more than 4 million Americans since the president took office.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm Caroline Woods with TheStreet.
