Elon Musk to open schools in Texas

TheStreet's Sara Silverstein brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, December 15th.

Full Video Transcript Below:

SARA SILVERSTEIN: I’m Sara Silverstein - reporting from the New York Stock Exchange.

Wall Street has been on a tear with all three major averages notching gains this week. This optimism comes as investors react to better than expected economic data and signs of interest rate cuts in 2024. Investors are hopeful that the Federal Reserve could bring inflation down to its 2 percent target without triggering a recession.

Next week, investors are looking ahead to a lighter week with jobless claims out Thursday and the Fed’s preferred inflation metric out on Friday.

In other news - Elon Musk has his hands in a variety of industries: technology, space exploration, social media - and now it seems like he’ll be stepping into the world of education.

According to tax filings obtained by Bloomberg, Musk has made a $100 million dollar donation in order to fund a new primary and secondary school in Austin, Texas. The billionaire ultimately plans to open a new university. The schools will focus on teaching science, technology, engineering, and math - also known as STEM subjects.

The filing says, quote “the school is being designed to meet the educational needs of those with proven academic and scientific potential, who will thrive in a rigorous, project based curriculum.”

Elon Musk also previously founded an online school, the Astra Nova School - which is online only and caters to students from 10 to 14 years old.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Sara Silverstein with TheStreet.