TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and TikTok may be in its final days.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Stocks rallied on the final trading day of the Biden administration.
00:10Under his four years as president, the benchmark S&P 500 surged more than 50 percent, compared
00:15to 67 percent during Trump's first time in the White House.
00:19Biden is leaving office with inflation down from its peak, steady hiring, and an economy
00:25that's nowhere near a recession.
00:28Speaking of the transfer of power, one of the things getting passed from Biden to Trump
00:33is the fate of TikTok.
00:35The future of the popular social media app is up in the air after the Supreme Court backed
00:40a law which bans TikTok if Chinese parent ByteDance doesn't sell it.
00:45President Trump weighed in on the issue ahead of the January 19 ban.
00:49The president-elect wrote on Truth Social, quote, the Supreme Court decision was expected
00:54and everyone must respect it.
00:57My decision on TikTok will be made in the not-too-distant future, but I must have time
01:02to review the situation.
01:04Stay tuned.
01:05Trump wanted the ban during his first term, but that has changed.
01:10For one thing, his videos are popular on the app.
01:13A Republican donor who's also a major backer of ByteDance has been in Trump's ears.
01:18TikTok's CEO thinks the chances of a ban under Trump are thin.
01:23I want to thank President Trump for his commitment to work with us to find a solution that keeps
01:28TikTok available in the United States.
01:32TikTok users aren't as sure.
01:33Downloads of TikTok alternatives like RedOne, Lemon8, Clapper, and Flip have surged as the
01:40ban deadline looms.
01:41Meta's Instagram is expected to see a boost as well.
01:46That'll do it for your daily briefing from the New York Stock Exchange.
01:49I'm Conway Gittins with The Street.
01:53Thanks for watching.
01:54See you next time.