TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and why Tesla is issuing a huge recall.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks were in the green to close out the day's session.
00:05 The Dow closed up over 500 points, the Nasdaq closed up 1.3 percent and the S&P 500 also
00:11 closed 1.3 percent higher.
00:14 All this price action comes after the U.S. Federal Reserve left interest rates unchanged
00:19 for the fifth straight month, a move that was highly expected by Wall Street.
00:23 It marked the Fed's final policy decision of 2023.
00:27 With interest rates at 22-year highs, the central bank made its first indication at
00:31 rate cuts, anticipating three of them in 2024 and another four in 2025.
00:38 This comes as inflation continues to cool after hitting a 40-year high in 2022.
00:44 In other news we're following, Tesla is recalling almost all 2 million cars it sold in the U.S.
00:49 to limit the use of its autopilot feature.
00:52 After about 1,000 crashes involving the feature, the company will implement a wireless software
00:57 update and the software will issue more warnings when drivers have the autopilot's auto-steer
01:02 function turned on.
01:04 According to the National Highway Traffic Safety Administration, the issue is quote,
01:08 "In certain circumstances when auto-steer is engaged, the prominence and scope of the
01:13 feature's controls may not be sufficient to prevent driver misuse of the feature."
01:18 Tesla will also limit the use of auto-steer by continuously checking a driver's attention.
01:23 The recall is a big blow to the company as Elon Musk has touted the vehicle's self-driving
01:28 capabilities saying quote, "In the long term, I think, has the potential to make Tesla the
01:33 most valuable company in the world by far.
01:36 If you have fully autonomous cars at scale and fully autonomous humanoid robots that
01:41 are truly useful, it's not clear what the limit is."
01:45 That'll do it for your daily briefing.
01:46 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:50 Thanks for watching.
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