TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, January 4th.
Full Video Transcript Below:
I’M J.D. DURKIN – REPORTING FROM THE NEW YORK STOCK EXCHANGE.
STOCKS WERE MIXED TO CLOSE OUT TODAY’S SESSION. THE DOW FINISHED IN THE GREEN, WHILE THE NASDAQ AND THE S&P BOTH CLOSED IN THE RED.
MARKETS ARE REACTING TO SOME LABOR DATA … PRIVATE EMPLOYERS RAMPED UP HIRING IN DECEMBER AND WEEKLY JOBLESS CLAIMS FELL TO A TWO MONTH LOW, UNDERSCORING CONTINUED RESILIENCE. WALL STREET IS LOOKING AHEAD TO THE FINAL LABOR REPORT OF THE WEEK, WITH FRIDAY’S DECEMBER JOBS REPORT. IT WILL GIVE INVESTORS A COMPREHENSIVE VIEW OF THE STRENGTH OF THE U-S JOBS MARKET.
IN OTHER NEWS – ONE OF FRANCE’S LARGEST SUPERMARKET CHAINS IS FIGHTING BACK AGAINST RISING COSTS FROM A PROMINENT FOOD AND DRINK COMPANY. CARREFOUR, WHICH HAS OVER ONE THOUSAND LOCATIONS ACROSS FRANCE, ANNOUNCED IT WILL BE PULLING ALL PEPSICO PRODUCTS FROM ITS SHELVES BECAUSE THEY HAVE BECOME TOO EXPENSIVE.
INSTEAD OF DRINK AND SNACK STAPLES LIKE LAYS, 7-UP, AND PEPSI, STORES WILL HAVE A SIGN POSTED WHICH READS “WE ARE NO LONGER SELLING THIS BRAND DUE TO UNACCEPTABLE PRICE INCREASES. WE APOLOGIZE FOR ANY INCONVENIENCE CAUSED.” THE CHAIN HAS SINCE ANNOUNCED IT WILL ALSO STOP SELLING PRODUCTS IN ITS ITALY, SPAIN, AND BELGIUM LOCATIONS.
IN SEPTEMBER, CARREFOUR BEGAN A SHRINK-FLATION CAMPAIGN, POSTING SIGNS ON PRODUCTS THAT HAVE SHRUNK IN SIZE BUT STILL SAW A PRICE INCREASE.
BUT PEPSICO IS HARDLY THE ONLY COMPANY TO PASS DOWN INCREASES IN THEIR OWN COSTS ONTO CONSUMERS. OVER THE PAST TWO YEARS, NESTLE, COCA COLA, AND UNILEVER HAVE ALL BUMPED UP THEIR PRICES.
THAT’LL DO IT FOR YOUR DAILY BRIEFING. FROM THE NEW YORK STOCK EXCHANGE, I’M J.D. DURKIN WITH THESTREET.
