TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, November 7.
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 60 points, the Nasdaq closed just under one percent higher, and the S&P closed up two-tenths of a percent. Stocks are trying to keep up the momentum as Wall Street looks toward its longest rally in roughly two years.
Wall Street is looking ahead to commentary from Federal Reserve Chair Jerome Powell Wednesday after the central bank held rates steady last week. Currently, investors are pricing in a 90 percent chance that the Fed holds rates steady in December and an 80 percent chance that policy easing, meaning cuts to rates, could come as soon as June.
In other news, credit card debt in the U.S. is officially at an all-time high. According to a new report from the Federal Reserve Bank of New York, credit card balances rose to $1.08 trillion in the third quarter - a $48 billion increase from Q2 and a whopping $154 billion jump from this time last year. The year-over-year spike is the largest since 1999.
And not only is the debt climbing, Americans are constantly struggling to pay it down. The study found that the rate at which households are becoming delinquent is at its highest point since 2011.
According to a separate report by the Consumer Financial Protection Bureau, almost 10% of all credit card users find themselves in "persistent debt," meaning they're charged more for interest fees each year than they spend paying down their debt.
Both Mastercard and Visa saw double-digit revenue increases in Q3 of this year.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
