TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and the Biden Administration’s continued effort to abolish student debt.
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00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange.
00:03 Stocks were in mixed territory to close out today's session.
00:06 The Dow closed up 48 points.
00:07 The tech-heavy Nasdaq closed down 0.3% while the S&P 500 closed fractionally higher.
00:14 Investors are reacting to minutes from the Federal Reserve's January meeting which indicated
00:18 that the Fed will hold off on cutting interest rates until it is confident inflation is slowing.
00:23 Currently, markets are pricing in a 6.5% chance of a rate cut in March.
00:29 In other news, the Biden administration is now forgiving another $1.2 billion in student
00:34 loan debt.
00:35 More than 150,000 Americans enrolled in the Saving on a Valuable Education, or SAVE, plan
00:41 will receive student debt relief.
00:43 To be eligible, borrowers have to have taken out a loan of $12,000 or less and have been
00:48 repaying that loan for at least a decade.
00:51 Under normal terms for repayment plans, borrowers don't receive debt forgiveness until 20 to
00:55 25 years of payments.
00:57 But the new SAVE plan allows borrowers to see their debt canceled in about 10 years.
01:02 Of the news, Education Secretary Medel Cardona said, "With today's announcement, we are once
01:07 again sending a clear message to borrowers who had low balances.
01:11 If you've been paying for a decade, you've done your part and you deserve relief."
01:16 According to the White House, the Biden administration has now canceled more than $138 billion in
01:22 student debt for nearly 4 million Americans.
01:25 That will do it for your daily briefing.
01:28 I'm J.D. Durkin with The Street.
01:30 Thanks.
01:31 Thanks.
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