The Street
The Street
  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and more student loan forgiveness for borrowers.

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Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Earnings season is helping the tech-heavy Nasdaq rebound from its worst route of the year.
00:09Shipmaker TSMC helped lift the mood with better-than-expected quarterly profits, thanks to continued strong demand coming from artificial intelligence.
00:18Investors also digesting a larger-than-anticipated jump in weekly jobless claims.
00:24243,000 new applications for jobless benefits were filed last week.
00:28In other news, the Biden administration is not giving up on efforts to deliver student loan relief.
00:35$1.2 billion in student debt cancellation was announced Thursday under a program that was originally put in place by George W. Bush.
00:4335,000 workers will see their debt wiped clean under the Public Service Loan Forgiveness Program,
00:48which erases federal student loan balances for government or not-for-profit employees who qualify and
00:55stayed current on payments for at least a decade.
00:58Quote, the additional Americans approved for PSLF today are
01:03hard-working public servants who will finally receive the financial breathing room they were promised,
01:08Education Secretary Miguel Cardona said in a statement, adding, quote,
01:12this is relief that will bring real change in their lives and marks another win for this administration's
01:19relentless and unapologetic work to fix a broken student loan system.
01:24Despite many legal challenges, including a loss before the Supreme Court, the Biden administration has so far delivered roughly
01:30$170 billion in student loan forgiveness for roughly 4.8 million people.
01:37That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Giddens with The Street.

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