Trump's Covid-19 diagnosis moves the market; House passes coronavirus stimulus bill; and the September jobs report sees a slowdown. Here's how today's news could affect your money.
President Donald Trump's positive coronavirus test had an immediate impact on markets: Futures fell as traders weighed the implications on the election and economic recovery. Markets rebounded in morning trading, though.
Remember that many top investors recommend tuning out the daily news and focusing on the long term. As investing legend Warren Buffett said, "The stock market is designed to transfer money from the active to the patient."
The House passed the $2.2 trillion coronavirus stimulus bill Thursday. The bill now goes to the Republican-controlled Senate, which is unlikely to greenlight it until House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin negotiate an agreement. An optimistic Pelosi said Friday on MSNBC, "We'll find our middle ground. We're legislators. We'll get the job done."
The good news: Mnuchin has said that a deal would likely include a $400-a-week enhanced unemployment benefit as well as $1,200 individual stimulus checks.
The September jobs report showed that nonfarm payrolls rose by 661,000. This might seem disappointing after a bumper August brought 1.37 million new jobs. But the slowdown is par for the course, say analysts.
"We knew the pace of recovery was going to slow down in the fall, after the snapback we had following the total shutdown earlier this year," BlackRock Managing Director Kate Moore told CNBC's "Squawk Alley."
Job-seekers, take note: The biggest gains were in the fields of leisure and hospitality, retail, and health care and social assistance. Jobs that have seen consistent growth this year — and can expect even more growth to come, experts say — include personal care aide, pet care worker, and retail salesperson.
Nonfarm payrolls are what the Bureau of Labor Statistics is counting when it calculates new job and unemployment figures for the monthly jobs report. According to the BLS, nonfarm jobs include all roles except "the economic activities of the following: general government, private households, nonprofit organizations serving individuals, and farms." Economists monitor nonfarm payrolls as a measure of the country's economic health.
Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.
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