TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, March 14.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange.
Stocks were in the red to close out today's session. The Dow closed down over 130 points, the Nasdaq closed down three tenths of a percent, and the S&P also closed down roughly three tenths of a percent lower. This comes after a hotter than expected inflation report dulled investors’ hopes of interest rate cuts. The Producer Price Index is the final report before the Fed’s next interest rate decision on March 20th.
In other news, SpaceX scored a big win with the third test flight of its Starship rocket. While the first two flights lasted just minutes before exploding, this test run flew further and longer than the previous two. However, SpaceX lost communication with the rocket as it re-entered Earth’s atmosphere, and it ultimately exploded over the Indian Ocean. But according to NASA Chief Bill Nelson, it was, indeed, a successful flight. Nelson went on to say, “Starship has soared into the heavens. Together, we are making great strides through Artemis to return humanity to the Moon—then look onward to Mars.”
The Starship rocket is the largest and most powerful rocket that has ever been developed. It stands at almost 400 feet tall and is intended to be reusable. The rocket uses 16.7 million pounds of thrust, almost double the amount used for NASA’s Space Launch System rocket. SpaceX CEO Elon Musk plans to use Starship to carry both cargo and humans to space, including to the Moon and to Mars.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
