TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and the end of SmileDirectClub.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks are in the green to close out this Monday's session.
00:06 The Dow up 156 points.
00:08 The Nasdaq closed up 0.2%, while the S&P 500 closed 0.3% higher.
00:15 Investors are looking ahead to the December Fed meeting and key inflation data out tomorrow.
00:20 While this report isn't exactly expected to sway the Fed's next interest rate decision,
00:24 a higher than expected figure could dampen investor hopes of an interest rate cut in
00:28 the near future.
00:30 As of now, markets are pricing in a 40% chance that the central bank cuts rates in March.
00:36 In other news, after filing for Chapter 11 bankruptcy in September, Smile Direct Club
00:41 is completely shutting down, effective immediately.
00:45 Founded back in 2014, the company sold Teeth-A-Liners directly to consumers, aimed at making dentistry
00:51 and orthodontics faster and cheaper for customers.
00:54 The company announced that existing customers in the middle of treatments, which could take
00:58 between four and six months, are encouraged to consult a dentist if they want to continue
01:03 their teeth straightening.
01:04 However, customers who finance their treatment plans with Smile Direct Club are "expected
01:10 to continue to make all monthly payments until payment has been made in full, per the terms
01:15 of our SmilePay program."
01:17 In 2019, Smile Direct Club launched its IPO, which valued it at almost $9 billion.
01:25 According to the company, it has served over 2 million people worldwide.
01:29 That'll do it for your daily briefing.
01:31 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:34 "