Biden's student loan forgiveness program cancels another $4.5 billion in debt

I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today. Stocks are in rally mode. Retail sales for September came in with a better-than-expected jump of 0.4 percent. Meanwhile, applications for unemployment benefits fell in the latest week. Taiwan's semiconductor beat forecasts with a 54 percent jump in quarterly profits and raised sales guidance for the year. The world's leading producer of advanced AI chips said business remains strong. In other economic news, with the economy top of mind for voters, the Biden administration is touting its record on student loan forgiveness. In another round of debt removal, $4.5 billion in student loan debt will be forgiven for more than 60,000 borrowers, according to a White House announcement. This follows President Biden's overhaul of the Public Service Loan Forgiveness Program originally instituted in 2007. Biden said in a statement, quote, Public service workers, teachers, nurses, firefighters and more are the bedrocks of our communities and our country, but for too long, the government failed to live up to its commitments. That changed. Under Biden, there's been more outreach to government and certain not-for-profit workers who are eligible to have their student loan debt wiped out after 10 years. According to an estimate by the Consumer Financial Protection Bureau, one in every four American workers are eligible for this program. Under his watch, more than one million borrowers have benefited so far, meaning President Biden will leave office having done more to erase student loan debt than any of its predecessors. That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.