Boeing increases offer to striking workers

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Boeing’s latest offer to striking employees.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.

00:04Stocks are floating near record highs on Tuesday as investors show confidence in a belief the Federal Reserve can bring down

00:11inflation without throwing the economy into a tailspin.

00:15Stocks aren't the only asset making new record highs. Home prices hit a record high in June

00:20according to the latest S&P Case-Shiller Home Index. However, there's good news for home buyers. The pace of price gains is

00:28slowing.

00:29In other news, Boeing has put a new offer on the table in hopes of ending a financially damaging workers strike.

00:36According to the new deal, workers would get a 30% raise stretched across four years with 12% of that coming immediately.

00:44That's better than the 25% total raise proposed before the strike. In

00:49addition, Boeing is agreeing to chip in more to 401k retirement plans. Workers have demanded Boeing

00:56reinstate a traditional pension plan that was scrapped 10 years ago.

01:01Boeing's current offer is good until September 27th, but says the two sides aren't even talking directly.

01:09After an unsuccessful federal mediation last week,

01:12we presented a best and final offer that made significant improvements and addresses feedback from the union and our

01:20employees. The new deal is already dead on arrival according to the union that

01:26represents the

01:2733,000 striking machinists. Quote, we contacted the company to demand they engage in either direct talks or a

01:35mediated discussion. The company has refused to meet for further discussion. Therefore, we will not be voting on the 27th.

01:43According to early estimates, the strike cost Boeing

01:46572 million dollars in the first week alone.

01:50That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with the street.

01:55Thanks for watching.

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