CNBC Business News Update - Market Close: Stocks Higher, Dow Closes Above 45k For The First Time, NYPD Looking For Man Who Shot UNH CEO 12/4/24

Episode Date: December 4, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Thursday morning after a record-setting Wednesday for stocks. Record high for the Dow, which closed above 45,000 for the very first time. Record closes also for the Nasdaq and the S&P 500 index. The Dow up 308 points on Wednesday, led higher by shares of Salesforce up 11 percent. The S&P 500 index up 36 points and the Nasdaq was up 254 points. Companies whose shares hit fresh all-time highs Wednesday include Amazon, Walmart, Apple, Facebook parent Meta, Netflix and Salesforce. Stock trading platform Robinhood, a favorite of young investors for its gamification of buying and selling stock on your phone,

is considering a move into sports betting. Fed Chair Jerome Powell told CNBC's Andrew Ross Sorkin at the New York Times Dealbook conference the Fed is in no rush to cut interest rates. The economy is strong and it's stronger than we thought it was going to be. The labor market is better and the downside risks appear to be less in the labor market. Growth is definitely stronger than we thought and inflation is coming a little higher. So the good news is that we can afford to be a little more cautious as we try to find neutral. The Fed may be in cutting mode, albeit a little slowly, for the overnight bank

lending rate, but interest rates for you, if you have a credit card and you carry a balance, well, they've been going up as many banks have raised their rates to squeeze more out of consumers. An investigation is on into the brutal murder of the CEO of UnitedHealth in New York City Wednesday morning. 50-year-old Brian Thompson was here in New York for the company's investor day. Police say he was walking from his hotel to the Hilton where the conference was going on. They released footage of a gunman who they say lay in wait for Thompson. That gunman they say was masked. He had a gun that had a silencer on it. The shooter steps onto the sidewalk from behind the car. He ignores numerous other pedestrians, approaches the victim from behind, and shoots him in the back.

The NYPD chief of detectives. CNBC's Bertha Coombs. Fewer jobs than expected were created in November in the new ADP private payroll report at 146,000. What you're seeing is less energetic hiring in some places that had been really sound, like leisure and hospitality, now slower. But overall, healthy number, still job gains. ADP economist Neela Richardson on CNBC. We get the big government jobs report on Friday morning. Would-be homebuyers jumped to apply for mortgages last week. Potential homebuyers are responding to the lowest mortgage rates in over a month, as well as higher supply of homes for sale.

While the numbers are still really low, applications for a mortgage to buy a home jumped 6% last week compared with the previous week. And that was to the highest level since January of this year. CNBC's Diana Olick. The average rate as of Wednesday afternoon on a 30-year fixed home loan, 6.8%. Amazon being sued by the Washington, D.C. Attorney General, accused of excluding certain neighborhoods from prime delivery. On Thursday's Watchlist, we get earnings from Petco,

Ulta Beauty, Lululemon, Dollar General, Signet Jewelers, Jack Daniels, Maker Brown, Foreman, Kroger, and Land's End. And the New York Stock Exchange lights its Christmas tree one hour before market close on Thursday. Jessica Ettinger, CNBC. Driven by money, power, and faith. Cities of Success, Salt Lake City.

Premieres December 10th and Eastern, CNBC.