Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, February 29.
Full Video Transcript Below:
REMY BLAIRE: I'm Remy Blaire - reporting from the New York Stock Exchange. Stocks were in the green to close out today's session on the last trading day of February. The Dow closed up 14 points, the Nasdaq closed up eight-tenths of a percent, and the S&P closed just over half a percent higher. This comes as investors react to inflation data which met analyst expectations; prices rose 0.4 percent during the month of January, representing a 2.8 percent jump from January 2023. The Federal Reserve will take this data into account when it makes its next interest rate decision.
Investors are also looking ahead to a lineup of Fed speakers Friday – those comments will be closely watched for any clues on when the Fed could cut rates.
In other news - Mark Zuckerberg’s Meta has been accused of massive and illegal data collection by the European Consumer Organization. The group alleges that Meta collects unnecessary data from users, like sexual orientation and emotional state, and does so with no way for the user to consent.
In a statement, the group said, "With its illegal practices, Meta fuels the surveillance-based ads system which tracks consumers online and gathers vast amounts of personal data for the purpose of showing them adverts."
Meta refuted the allegations, saying, “We take our regulatory obligations extremely seriously and are confident that our approach complies with the GDPR.”
This isn’t the first time Meta has been in trouble with the EU. In May of 2023, European regulators fined the company $1.3 billion for violating the region’s General Data Protection Regulation rules. It still stands as the law’s biggest fine handed down since its inception in 2018.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
