• 5 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how the rich continue to get richer.

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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04The economy injected a much-needed sense of optimism
00:08one day after the worst single drop for the stock market in a year and a half. The Dow finished higher
00:13but the Nasdaq and the S&P 500 finished lower.
00:18Stronger than expected second quarter GDP and a drop in weekly jobless claims confirmed hope for a September interest rate cut.
00:25Investors now look ahead to the Fed's preferred inflation gauge, which comes out on Friday.
00:30In other news, the world's wealthiest 1% saw their net worth jump by 42 trillion dollars over the past decade.
00:37According to Oxfam International, that's 34 times more than the bottom half of the world's population.
00:43Adjusting for inflation, the ultra-wealthy became
00:47$400,000 richer per person on average. That's over the past 10 years compared to just
00:53$335 in wealth accumulation for those in the lower 50%.
00:57Max Lawson of Oxfam International says quote,
01:01Inequality has reached obscene levels and until now governments have failed to protect people and planet from its catastrophic effects.
01:09Oxfam is calling on government leaders to create a more cohesive and
01:13coordinated tax strategy for the super-rich.
01:16According to its findings, if a 2% minimum global tax for the uber-rich was put in place, that would bring in an additional
01:23$200 to $250 billion annually to help address wealth inequality.
01:29That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with the street.

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