TheStreet’s J.D. Durkin brings you the biggest news of the day, including Walmart giving its store managers a raise for the first time in more than 10 years.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 The S&P 500 hit a new intraday high today, surpassing $4,800.
00:08 But stocks have been on a bit of a bumpy ride this week as investors parse through economic
00:12 reports, corporate earnings, and mixed comments from Fed officials.
00:17 Investors are looking ahead to some big fourth quarter earnings reports next week, including
00:20 Netflix, Tesla, and Microsoft.
00:24 In other news, Walmart is giving its store managers a raise for the first time in more
00:27 than a decade.
00:28 Beginning February 1st, store managers will receive a 9% pay bump, increasing their average
00:34 salary from $117,000 to $128,000, with the salary floor rising from $65,000 to $90,000,
00:44 depending on the store format that the manager runs.
00:47 Of the move, Walmart's executive vice president of store operations said, "I'm proud Walmart
00:52 is making this investment following last year's increase in starting pay for stores.
00:57 As a result of those investments in frontline hourly associates and upcoming annual increases,
01:02 our U.S. average hourly wage will soon exceed $18."
01:07 The company is also changing the way bonuses are handed out to managers, saying that if
01:11 all targets are met, a manager has the potential to receive a bonus of up to 200% of their
01:17 base salary.
01:18 Walmart has about 1.6 million employees, also operates close to 5,000 stores in the United
01:24 States.
01:25 The company says that up to 75% of its managers began their careers at Walmart as hourly workers.
01:36 "