TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and why the USPS suffered a huge loss this fiscal year.
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00:00 I'm J.D. Durkin reporting from the New York Stock Exchange.
00:03 Stocks were in the green to close out the day's session.
00:05 The Dow closed up over 160 points, the Nasdaq up fractionally, and the S&P 500 also closed
00:11 fractionally higher.
00:13 This comes after yet another encouraging inflation report.
00:16 October's producer price index, which measures wholesale prices, fell by 0.5 percent, marking
00:22 the biggest monthly drop since April of 2020.
00:26 Investors are hoping that this cooling inflation can put an end to interest rate hikes.
00:30 In other news, the United States Postal Service suffered a big financial loss to the tune
00:35 of $6.5 billion after predicting it would break even in 2023 and have a clear path to
00:41 profitability.
00:43 Despite the USPS seeing a slight uptick in revenue from both its shipping and packaging
00:47 and first-class mail departments, an 8 percent decrease in marketing mail led to a $920 million
00:54 hit.
00:55 According to Postmaster General Louis DeJoy, an increase in printing prices led to a severe
00:59 reduction in the amount of marketing junk mail sent.
01:04 On the agency's outlook, Mr. DeJoy said, "We are already providing more consistent,
01:09 reliable and timely delivery to America's businesses and residences.
01:13 We are also addressing near-term financial headwinds relative to inflation as we make
01:18 strong progress in our long-term cost control and revenue generating strategies."
01:23 Unlike most federal agencies, the U.S. Postal Service is not funded by the government.
01:28 It stopped receiving taxpayer money in the 1970s and regularly depends on sales to keep
01:33 running.
01:34 That will do it for your daily briefing today.
01:36 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
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