TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how Taylor Swift’s Eras Tour boosted the economy.
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00:00I'm Conway Gittens reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:05A new report released Tuesday showed small business optimism hit a three-year high in
00:09November.
00:10According to a survey by the National Federation of Independent Business, respondents were
00:14confident the incoming Trump administration will usher in a period of fewer regulations
00:20and lower taxes.
00:23In other business headlines, it turns out that a Taylor Swift concert is more than just
00:27a music event, it is an economic event.
00:31According to the U.S. Travel Association, Swifties, as her fans are known, spent an
00:35average of $1,300 on travel, hotels, food and other items, not including the actual
00:42tickets to her show.
00:44That kind of spending rivals what football fans spend each year at the Super Bowl.
00:48Now multiply that number by 62 nights across 23 U.S. cities over a five-month period.
00:55Swift's The Heiress Tour is going into the history books as the highest-grossing tour
00:59ever, bringing in an estimated $2.2 billion.
01:03The economic impact, however, goes well beyond the time she was on stage.
01:08Estimates on the money injected into the U.S. economy, directly or indirectly, range from
01:13$5 billion on the low end to $10 billion on the high end.
01:18Some cities credited the tour for dragging their local economies out of the post-pandemic
01:23doldrums.
01:24Pittsburgh, for example, said that when her concert was in town, it had the highest weekend
01:29hotel occupancy since the pandemic and the second-best ever, according to CNN.
01:35Lyft provides another snapshot on Swift's economic impact.
01:39The ride-hailing app said in a blog post that whenever a city played host to one of her
01:43concerts, it saw ridership jump by an average 8.2 percent.
01:49That'll do it for your daily briefing from the New York Stock Exchange.
01:52I'm Conway Gittins with The Street.
01:54Thanks for watching.