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Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks rallied into the close on Tuesday but gains were tepid ahead of key inflation data and quarterly corporate updates. On Wednesday, the Federal Reserve will release the minutes from the September meeting that brought the surprise 50 basis point rate cut. Investors will be also looking for any hints on the mood of the consumer as Amazon wraps up its two-day Prime shopping event.
In other news - as the old saying goes, “You have to spend money to make money.” Well now that line of thinking applies to anyone hoping to hit it big by playing Mega Millions. Lottery officials announced that beginning in April, the price of a Mega Millions ticket will more than double - increasing from $2 to $5.
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However, Mega Millions officials claim that bigger sticker price should lead to bigger prizes, with one stating “We expect more billion-dollar jackpots than ever before, meaning creating more billionaires and many more millionaires as the jackpots climb, plus this game will continue the important legacy of supporting great causes everywhere Mega Millions is played.’
This is just the second price hike in the 22-year history of Mega Millions, with the cost of a ticket going from $1 to $2 in 2017. Since that increase, there have been a total of six billion-dollar jackpots, with the prize climbing to a record $1.6 billion in 2023.
Just remember - your chances of winning are really, really slim. The current odds of hitting the Mega Millions jackpot is 1 in 302.6 million.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Related: Here’s who just won $1.58 billion in the Mega Millions lottery
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