CNBC Business News Update - Market Close: Stocks Higher, Dow & S&P 500 Close At Record Highs, Senate Panel Targets Airline "Junk Seat Fees" 11/26/24

Episode Date: November 26, 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 Ettinger, CNBC. Wall Street opens Wednesday morning with the Dow and the S&P 500 index at fresh record highs on the Biden announcement of a ceasefire between Israel and Hezbollah and Fed meeting notes that showed confidence inflation's easing in the labor market is strong. On Tuesday, the Dow, after being in the red most of the day, it finished higher, up 123 points, led higher by shares of Amazon, which were up more than 3%. The S&P 500 index finished up 34 points, more than a half percent. The NASDAQ up 119, more than a half percent. Airlines pretty busy with holiday travel right now, but next week, some of the airline's top executives will have to be in Washington, D.C. for a Senate panel grilling on what are called junk seat fees, charging people to sit by a window or a little bit farther up front in the same section they paid for. 2018 and 2023. They've brought in more than $12 billion with a B dollars from seating fees.

So, you know, sometimes extra legroom will cost you over $100 more, especially if it's a long flight. And for United alone, last year, they brought in more money from seating fees than they did from check bags. CNBC aviation reporter Leslie Josephs. President-elect Trump promises to impose an additional tariff on goods coming into the U.S. from China of 10 percent, and he's slapping a 25 percent tariff on everything coming into the U.S. from Mexico and Canada, he says, on day one of his presidency. Canada, okay, so Canada, we have a great trading partner. No one thinks that it's anything else. And then Canada gets slapped on the same thing as Mexico. And I just, I puzzle over it because I think that one is about people coming to the country that he doesn't want. And the other is about.

Fentanyl? What? Canada is not really known as a bastion of fentanyl, right? I mean, we have a lot of cities in this country that take fentanyl, but it's not from Canada. CNBC Mad Money host Jim Cramer. Will it be a December to remember for the auto industry? Lexus is celebrating 25 years of commercials using that line. Its new ads are out. They show brand new Lexus vehicles with big red bows on them. They need a December to remember. They have brand new Lexus vehicles with big red bows on them. They needed December to remember they have to clear out inventory. The pace of sales this year, it's only up one or two percent

compared to last year. Look at the incentive now, up more than $3,700. That's the average right now. There are some places, if you look around, they'll be like, hey, you want $4,500 off a new vehicle? You want five grand off a new vehicle? Let's make a deal. CNBC's Phil LeBeau. Nearly 6 million people flying for Thanksgiving over the total holiday period. And Frontier Airlines CEO says they're ready for the biggest flying day of the year, which could be Wednesday. We won't know until we get post-holiday TSA data. Huge demand. The holidays are the biggest we've ever seen. And people are headed

to Florida. They're headed to the Caribbean. And then they're even headed to Colorado to go snow skiing. So I think it looks like it's going to be a big weekend. A little bit of weather out there. So make sure folks show up early and obviously pack that patience for the TSA lines. Frontier CEO Barry Biffle on CNBC. On Wednesday's watch list, no earnings. It's Thanksgiving Eve. No big economic reports at all. Disney's Moana, too, in many theaters and even more on Friday. Balloons are blown up Wednesday night for the Macy's Thanksgiving Day Parade on Thursday morning.

Jessica Ettinger, CNBC. CNBC has the most affluent audience in television. But money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.