TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why CVS is in trouble with the DOJ.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05There's a rebound on Wall Street Thursday,
00:07one day after stocks suffered their biggest drops
00:09since August.
00:11Investors are coping with the new reality
00:13that 2025 might see fewer than expected interest rate cuts.
00:17New data may support the Federal Reserve's new projection.
00:21Economic growth figures for the third quarter
00:23were upwardly revised, pointing to an economy that's
00:26stronger than expected.
00:29In other news, the Department of Justice
00:30is going after CVS in a lawsuit, claiming the drugstore chain
00:34is fueling the opioid epidemic.
00:36The DOJ accuses CVS of filling illegal opioid prescriptions
00:41and charging government health insurance plans.
00:44The complaint, which was filed in federal court,
00:46accuses CVS of violating the Federal Controlled Substance
00:49Act.
00:50It alleges that starting back in 2013,
00:52CVS turned a blind eye to prescription requests coming
00:56from so-called pill mills.
00:58That's a large number of prescriptions
01:00filled by doctors for addictive drugs like opioids
01:03without legitimate medical reasons.
01:06The DOJ claims CVS was driven by performance metrics, which
01:09encouraged pharmacists to work quickly and ask few questions.
01:14The lawsuit alleges the practice even resulted in deaths
01:18by overdose.
01:19CVS responded to the lawsuit in a statement, quote,
01:22we strongly disagree with the allegations and false
01:25narratives in this complaint.
01:28In 2022, CVS agreed to pay $5 billion
01:31over 10 years to settle similar accusations
01:34made by state, local, and Native American tribal governments.
01:39That'll do it for your daily briefing from the New York
01:41Stock Exchange.
01:42I'm Conway Gittins with The Street.