The Street
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TheStreet’s J.D. Durkin brings you the biggest news of the day, including the market’s continued hot streak and why China’s Singles Day is the biggest shopping holiday in the world.

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Transcript
00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what
00:03 we are watching on the street today.
00:06 Stocks are looking to build on their momentum as the rally continues.
00:09 Stocks have closed in the green for eight days straight.
00:13 It marks the longest winning streak in two years.
00:16 November is typically one of the strongest months for the stock market.
00:19 Meanwhile, investors are also digesting weekly jobless claims today.
00:23 117,000 Americans filed for unemployment last week, less than Wall Street had been expecting.
00:30 It's yet another sign that the job market is still resilient.
00:33 In other news, we are quickly approaching the biggest shopping day on the planet.
00:37 And no, we're not talking about Black Friday or even Cyber Monday.
00:41 November 11th is known as China's Singles Day because it falls on 11/11 or 11/11.
00:48 The holiday was created in 1993 to celebrate unmarried people as a form of anti-Valentine's
00:54 Day.
00:55 In 2009, Alibaba began using it as a holiday to promote enormous deals.
01:00 And what started as a one-day sale is now a weeks-long can't-miss shopping event.
01:06 But if you thought the US holiday shopping season brought in big bucks for retailers,
01:10 you might be in for a bit of a surprise.
01:12 According to Bain & Company, the total estimated value of merchandise sold during the 2022
01:17 Singles Day event topped $140 billion.
01:22 That's more than Americans spent online during Black Friday and Cyber Monday combined.
01:27 However, some analysts believe this year's singles event might see a dip in consumer
01:31 spending due to difficult economic conditions in China.
01:34 High unemployment, decreasing income, and a cutback on spending could force would-be
01:39 shoppers to skip out on the sales.
01:42 That'll do it for your daily briefing.
01:43 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:46 Thanks for watching.
01:47 [CREDITS]

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