Goldman Sachs CEO Calls Apple Card The Most Successful Credit Card Launch Ever

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But Goldman CEO David Solomon called its partnership with Apple \"the most successful credit launch ever\" and noted that although its investment draws on the bank's returns in the short term, it's critical to expanding its capabilities and competitive position.

\"Americans have embraced debit cards for greater control, but this limits their ability to establish or build their credit score,\" Chime CEO Chris Britt said in a launch announcement, according to TechCrunch. \"We created Credit Builder to help our members stay in control and safely build their credit with their everyday purchases.\"

GM was one of the first retailers to introduce branded credit cards in the US, with its first such launch almost three decades ago. The company is now going all digital by partnering with Marcus by Goldman Sachs and Mastercard to launch its new rewards card and loyalty program.

WILLOW BAY, CNNfn ANCHOR, MONEYLINE: Tonight, an unexpected inflation scare doesn`t hold back jumping tech stocks: The Nasdaq powers ahead to its eighth record in nine sessions. STUART VARNEY, CNNfn ANCHOR, MONEYLINE: It`s the biggest package UPS (URL: ) has ever delivered: a massive IPO that values the company at more than $81 billion. BAY: As investors consider the possibility of a Microsoft (URL: ) breakup, they get the chance to buy the first baby Bill: Microsoft Expedia (URL: ) makes its stock market debut. VARNEY: And just outside Seattle, Bill Gates speaks to the faithful for the first time since a judge called Microsoft a predatory monopolist. ANNOUNCER: This the MONEYLINE NEWS HOUR. Reporting tonight from New York, Stuart Varney and Willow Bay. BAY: Good evening and welcome to MONEYLINE. Investors shake off a potentially frightening inflation report. VARNEY: And send the Nasdaq to a record high, its eighth in two weeks. Money simply plowed into technology, helping the Nasdaq to continue to outshine the rest of the market. But the Nasdaq was not the only record setter. Investors clamored for the biggest IPO in American history, from a company that today became an instant blue chip, United Parcel Service (URL: ) . Rhonda Schaffler has the details in today`s \"Street Sweep.\" (BEGIN VIDEOTAPE) RHONDA SCHAFFLER, CNN CORRESPONDENT (voice-over): Billed as the largest initial public offering in U.S. history, shipping giant United Parcel Service (URL: ) delivered. UPS rocketed to $68, a gain of $18, or 36 percent, above its offering price of 50. JOE CANGEMI, FRANCES P. MAGLIO: The energy level, the amount of order flow that was entering crowd, and as well as it ran and as efficiently as it ran, it only foresees where the markets are heading. SCHAFFLER: The feeding frenzy spread to other issues: Expedia, Microsoft (URL: ) `s online travel arm, gained 281 percent, to more than 53. Communications equipment maker Next Level (URL: ) shot up 153 percent. And iBasis (URL: ) soared 153 percent. Despite the impressive performance, some market watchers are wary of the market`s exuberance. ROBERT BALENTINE, CHAIRMAN, BALENTINE & CO.: Typically, when we see this type of activity in the IPO market, that would signal some type of speculative bubble in the market. SCHAFFLER: A roaring rally in technology stocks lost steam midway through the trading day. The Nasdaq composite squandered a 61 point lead, closing up nearly 31 points to 3,155. But that was enough to give the index its eight record in nine sessions. The Dow Jones industrials slipped 19 points to close just below 10,600. That didn`t discourage one of the bull market`s biggest skeptics. BARTON BIGGS, MORGAN STANLEY ASSET MANAGEMENT: All mood swings by manic-depressives ends in gloom and depression. But in the short run here, I think we could have -- you know, I think the market`s going higher. We could have a meltup. SCHAFFLER: One stock to watch closely tomorrow, Rite Aid (URL: ) . The stock was halted at 5 3/8, a new 52-week low, after the company warned investors not to rely on earnings and cash flow guidance released a month ago. (END VIDEOTAPE) SCHAFFLER: A mixed bag of inflation data at the wholesale level may have caused a slowdown in the market`s momentum today and spooked jittery investors about the Fed`s intentions at its policy meeting next week -- Stuart. VARNEY: Rhonda, does the broader market have to wait for its rally maybe until after next week`s Fed meeting SCHAFFLER: There`s a lot of debate about that. Some people are saying that investors are waiting for this Fed meeting to be over with. But there`s increasing talk here about the fact that investors might decide to take profits ahead of what`s been the end of a very good year here. So there`s real debate on whether there will be enough after the Fed meeting to bid the market up higher, especially since the gains have been so strong this year. VARNEY: All right, Rhonda Schaffler at the Big Board. Thanks very much, Rhonda. BAY: November has been an incredible month for the Nasdaq composite. The index has climbed in nine out of the last 10 sessions, cracking eight all-time highs. The record run has added 353 points, or 12 1/2 percent, to an already impressive return. In fact, it`s shaping up to be the Nasdaq`s best year since 1991, if it holds onto its gains. So far, it is up 44 percent year-to-date. VARNEY: Well, you could say definitely that the Nasdaq is the index of the year and crude oil is the commodity. Prices raced higher again today, boosted by comments from the Mexican energy minister who said he would stick to production cuts until mid-year 2000. Also, industry reports show that OPEC is keeping its promises to reduce the world`s oil supply. On top of all of that, light sweet crude rose 44 cents to $24.47 a barrel. Prices have more than doubled since February, when they dropped to their lowest levels in some 12 years. BAY: Oil prices did pull back a bit last month, keeping a lid on wholesale inflation. The Producer Price Index fell unexpectedly in October. But minus volatile food and energy prices, it rose 3/10 of a percent. The surprisingly strong core rate set off inflation fears in the bond market. The 30-year Treasury lost a quarter of a point in price. The yield tonight at 6.08 percent. From Chicago, Ceci Rodgers has the details. (BEGIN VIDEOTAPE) CECI RODGERS, CNN CORRESPONDENT (voice-over): The jump in wholesale prices other than food and energy was almost all due to rising costs for cars and light trucks in the new model year. But bond traders still saw reason to worry about inflation and a possible rate hike next week from the Federal Reserve. Prescription drug prices surged, even more than autos, and costs for goods in the production pipeline also climbed. ANDREW WALLACE, R.J. O`BRIEN: The Fed made it clear last week that they are paying very close attention to the economic data they see this week. They now have PPI behind them. Perhaps it has made them a little more concerned about inflation. RODGERS: After rising to the highest levels in two years, interest rates set by the bond market have been falling the past two weeks. Signs of some cooling in housing, and auto sales, plus little bad news in the way of inflation had many analysts reversing their predictions for a third Fed rate hike this year. Economists are now less certain than ever about the outcome of next week`s Fed meeting. HARVEY HIRSCHHORN, STEIN ROE & FARNHAM: It`s still a tough call. I still believe it`s less than 50-50. But as you can see by the market action today, I think they thought the odds were even lower and now have marked them up a little bit today. RODGERS: In the tell-all Greenspan Fed, uncertainty about which way the Federal Open Market Committee will vote is unusual, especially less than a week before the meeting. (on camera): The Fed`s decision could come down to a key report due out Friday, a favorite of the proponents of the new high-tech economy, worker productivity in the third quarter. Ceci Rodgers, CNN Financial News, Chicago. (END VIDEOTAPE) VARNEY: So the obvious big question next for the markets is will the Fed hike rates or hold them steady next week. Joining us now, Jim Bianco from Chicago. Jim, welcome back to MONEYLINE. JIM BIANCO, DIRECTOR OF RESEARCH, BIANCO RESEARCH: Thanks for having me. VARNEY: The question stands: Do we have an inflation problem, and if we do, will the Fed raise rates next week BIANCO: I think if you take those two separately, no, I don`t think we have an inflation problem. I don`t think we have had an inflation problem this year. But yes, I do think the Fed will raise rates next week. VARNEY: Hold on a second, Jim. Hold on a second, Jim. If we do not have an inflation problem, but yes, the Fed you think will raise rates next week, what`s going on here BIANCO: Well, they`ve raised rates twice before. And it`s been very hard to pin down whether or not we`ve had an inflation problem to begin with. I think that it`s more about the stock market, it`s more about nominal growth in the economy. The Fed doesn`t want to be in the position of fostering a boom in the stock market. It`s doing very well without them. They`ve raised rates. And as you mentioned, the Nasdaq`s up 44 percent this year. If they were not to raise rates or if they were to refrain or give people the idea that they`re done, they`re afraid it`s going to be a green to speculate and the stock market could launch off into much higher levels. Maybe it`s not a bubble now, but the fear is if that happens we then definitely would have a bubble as we move forward. So for that reason and the reason that the stock market is doing so well right now, I think that the odds slightly favor them raising rates next week. But it is a tough call right now. BAY: A tough call. So if they raise rates next week, is that the end of it BIANCO: No, I don`t necessarily think it would be the end of it, because if we accept the assumption that they`re raising rates because the growth of the economy is very fast, that the stock market`s moving higher, what they would l