TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Nintendo’s newest release.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street is trading higher on Friday,
00:07putting stocks on track for their best week
00:09since the November elections.
00:11Economic data is doing little to temper the enthusiasm.
00:14Housing construction ended 2024 at its fastest pace
00:17since the early part of the year.
00:20Homebuilders, however, are keeping their eyes
00:22on mortgage rates, which recently topped 7%
00:25for the first time since May.
00:28Shifting now to other top business news,
00:31the number seven isn't so lucky for Elon Musk's SpaceX.
00:35A seventh test flight for its Starship rocket
00:38ended with an explosion on the way into orbit.
00:41The company confirmed on X that pieces of Starship
00:44fell back to Earth and, quote, into the Atlantic Ocean
00:47within the predefined hazard areas.
00:50The falling debris prompted the FAA
00:52to issue an aircraft warning over the Caribbean,
00:55causing several airlines to divert flights.
00:59SpaceX did manage to retain the rocket's booster,
01:02which landed safely back to Earth.
01:04This reusable so-called super-heavy booster
01:07is key to keeping costs down
01:10as Musk builds out his space business.
01:12SpaceX already has a lucrative partnership with NASA
01:15and is looking to maintain its dominance
01:17in the space industry.
01:18Musk, however, is not the only billionaire
01:20with space ambitions.
01:22Jeff Bezos' Blue Origin had a successful test flight
01:25about 24 hours before the SpaceX explosion.
01:28Blue Origin's New Glenn rocket
01:30made its debut voyage into space
01:32after previous attempts had to be scratched.
01:35Bezos is also testing the viability of reusable rockets
01:40as he looks to build a broadband satellite network in space
01:43for his other company, Amazon.
01:46That'll do it for your daily briefing
01:48from the New York Stock Exchange.
01:50I'm Conway Gittens with The Street.