Nightly Business Report for wednesday, november 30th. Good evening, everyone. And welcome. President elect Donald Trumps Economic Team is taking shape. Former Goldman Sachs banker, Steven Mnuchin tapped to be the next treasury secretary and r s ross. Tackling some of the most contentious issues. The agenda is long and includes overhauling the tax code, renegotiating trade policies, bringing jobs back to theize and increasing Overall Economic growth. Today investors heard their action plan. And Steve Liesman has the details. Reporter wall street appears to have heard a lot of what it wanted to hear in cnbc interviews with the new leaders of the Economic Team, president elect donald trump named today. Treasury secretary, designate, steve municipal mnuchin and wilbur ross walking back. Our most important priority is sustained Economic Growth. And i think we can absolutely get to sustained 3 to 4 gdp. And that is absolutely critical for the country. To get there, our number one priority is
Seven of them were record closes. That was its longest winning streak in some time. But earnings came in mixed, and the European Central banks decision not to add stimulus to that regions economy weighed on sentiment and pressured stocks. The Dow Jones Industrial aver lost 77 points to 18,517. The nasdaq was off 16. The s p 500 fell 7. Dow component visa could set the tone for tomorrow. The Worlds Largest Payments Network operator reported a steep drop in quarterly profit and added 5 billion to its stock buyback plan. Visa did earn 69 cents a share. That three cents better than estimates, but if you include charges related to an acquisition, profits were actually 76 lower than a year ago. Revenue at 3. 6 billion, slightly below expectations. Shares volatile in afterhours trade, but the big news from the company today wasnt found in its Quarterly Results but rather in a partnership with paypal. Kayla tausche has more. Reporter paypal and visa are familiar foes in the payment industry, b
It all makes perfect sense. It is it. Mother nature is a little confused. It is going to feel like summer out there today. Its a cool pleasant start this morning. 63 in boston right now. We are in the mid50s through the merrimac valley. 51 in concord. 46 in plymouth, New Hampshire though. Low 60s in wooster. Most of us running in the middle to upper 50s. A few wispy clouds. Sunrise coming in over a half hour from there. 31 minutes to be exact. It is going to be shining brightly. You want the shades, grab it. Solar glare may be the only thing you contend with this morning. The wind is going to be from the south and southeast. A little wind off the ocean. The coastline will be in the upper 70s to around 80. We top out in the mid80s through the interior today with bright sunshine for the ride home. 70s at the coast. Well talk about the weekend coming up. Lets get you on the roads, good morning. Good morning. We have a couple of accidents happening out there. We already have one accident t
To be too bad. I think its going to be fantastic. If you like the warmth, well keep that hanging around for a couple of days here. 67 the temperature in boston right now. 50s for most of us here in the suburbs just outside the city. 52 in concord. 50 in norwood, one of the cooler spots. Taunton at 51. Most of us are 50, 60s on nantucket. A few, high thin clouds, thats about it. Its not nearlys it was yesterday. We are in for a fantastic afternoon for this first day of fall. Morning rush hour mostly sunny. Sunrise coming up at 6 32. 60s, 70s, to 80 by midday with a feel of summer. The humidity will stay low, though. 70s at the coastline with a sea breeze today but will be in the low to mid80s through the interior with the sunset at 6 41. Lets get you on the road. Good morning, danielle. Crews on 93 south this morning. Not right here in somerville but further down in the tunnel. Theyre at exit 23, the ramp is closed and theres also construction on 93 north inside of the tunnel. The left
Stocks dropped sharply. At one poi the dow jones was off 250 points. It finished down 195, at 18,143. The nasdaq fell 49. And the s p 500 was off 20. The reason for the swoon, a bloomberg report that some hedge funds cut their exposure to germanys Deutsche Bank. That sent shares of deutsche ba to an alltime low and rippled into the u. S. Financial sector. Thats because the report was reminisct of the financial crisis, when investors sold on news of counterparties pulling business with banks like lehman br and bear stearns. And that nervousness seeped then into the broader market. Bob pisani explains why. Reporte the markets were fairly quiet midday when a report from bloomberg on deutsche dropp the markets. They reported some hedge funds that cleared derivatives trades with the banks and withdrew some positions, a possible sign of concern about doing business with the bank. Its not much of a story, but it did revive long dormant memories of 2008. Deutsche b dropp 7 . European banks abo