The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Boeing’s latest offer to striking employees.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Stocks are floating near record highs on Tuesday as investors show confidence in a belief the Federal Reserve can bring down
00:11inflation without throwing the economy into a tailspin.
00:15Stocks aren't the only asset making new record highs. Home prices hit a record high in June
00:20according to the latest S&P Case-Shiller Home Index. However, there's good news for home buyers. The pace of price gains is
00:28slowing.
00:29In other news, Boeing has put a new offer on the table in hopes of ending a financially damaging workers strike.
00:36According to the new deal, workers would get a 30% raise stretched across four years with 12% of that coming immediately.
00:44That's better than the 25% total raise proposed before the strike. In
00:49addition, Boeing is agreeing to chip in more to 401k retirement plans. Workers have demanded Boeing
00:56reinstate a traditional pension plan that was scrapped 10 years ago.
01:01Boeing's current offer is good until September 27th, but says the two sides aren't even talking directly.
01:09After an unsuccessful federal mediation last week,
01:12we presented a best and final offer that made significant improvements and addresses feedback from the union and our
01:20employees. The new deal is already dead on arrival according to the union that
01:26represents the
01:2733,000 striking machinists. Quote, we contacted the company to demand they engage in either direct talks or a
01:35mediated discussion. The company has refused to meet for further discussion. Therefore, we will not be voting on the 27th.
01:43According to early estimates, the strike cost Boeing
01:46572 million dollars in the first week alone.
01:50That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with the street.
01:55Thanks for watching.

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