Transcript:
Conway Gittens: I’m Conway Gittens from the New York Stock Exchange. Here’s what we saw today on TheStreet.
Stocks rose on the Biden administration’s final trading day in office. The benchmark S&P 500 index has soared more than 50% during his four years as president, and rose 67% during Trump’s first term in the White House. When Biden leaves office, inflation has fallen from its peak, employment is stable, and the economy is far from recession.
RELATED: What the Supreme Court’s TikTok decision means for creators
Speaking of the transfer of power, one of the things Biden passed on to Trump was the fate of TikTok. The Supreme Court has upheld a law that would ban TikTok from the future if Chinese parent company ByteDance does not sell the popular social media app.
President Trump weighed in on the issue before the January 19 ban. The president-elect wrote on Truth Social: “The Supreme Court’s ruling was expected and everyone must respect it. My decision on TikTok will be made in the near future, but I must have time to review the situation. Please focus on!
Trump hoped to impose a ban during his first term, but that has changed. On the one hand, his videos are popular on the app. A Republican donor who is also a major supporter of ByteDance has been ringing in Trump’s ears.
TikTok’s chief executive thinks the likelihood of a ban under Trump is slim.
SOT: “I want to thank President Trump for his commitment to working with us to find solutions to keep TikTok available in the United States.”
TikTok users aren’t so sure. As the ban deadline approaches, downloads of TikTok alternatives such as Redone, Lemon8, Clapper and Flip have surged. Meta’s Instagram is also expected to see growth.
This is enough for your daily briefing. I’m Conway Gittens from TheStreet at the New York Stock Exchange.
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