News You Can Use

Trump's Covid-19 diagnosis moves the market; House passes coronavirus stimulus bill: How today's news could affect your money

Markets dip, then snap back, after President Donald Trump’s Covid-19 diagnosis, and the $2.2 trillion stimulus bill moves to the Senate. Here’s how today’s news could affect your money.

US President Donald Trump and First Lady Melania Trump return to the White House in Washington, DC, on September 11, 2020.
Andrew Caballero-Reynolds | AFP | Getty Images

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. 

Trump, first lady test positive for coronavirus

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."

House passes coronavirus stimulus bill

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.  

How to stand out in a crowded job market

Lukewarm job news

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.

Words you've heard: Nonfarm payrolls

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.

More from Grow:

acorns+cnbcacorns cnbc

Join Acorns


About Us

Learn More

Follow Us

All investments involve risk, including loss of principal. The contents presented herein are provided for general investment education and informational purposes only and do not constitute an offer to sell or a solicitation to buy any specific securities or engage in any particular investment strategy. Acorns is not engaged in rendering any tax, legal, or accounting advice. Please consult with a qualified professional for this type of advice.

Any references to past performance, regarding financial markets or otherwise, do not indicate or guarantee future results. Forward-looking statements, including without limitations investment outcomes and projections, are hypothetical and educational in nature. The results of any hypothetical projections can and may differ from actual investment results had the strategies been deployed in actual securities accounts. It is not possible to invest directly in an index.

Advisory services offered by Acorns Advisers, LLC (“Acorns Advisers”), an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Brokerage and custody services are provided to clients of Acorns Advisers by Acorns Securities, LLC (“Acorns Securities”), a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Acorns Pay, LLC (“Acorns Pay”) manages Acorns’s demand deposit and other banking products in partnership with Lincoln Savings Bank, a bank chartered under the laws of Iowa and member FDIC. Acorns Advisers, Acorns Securities, and Acorns Pay are subsidiaries of Acorns Grow Incorporated (collectively “Acorns”). “Acorns,” the Acorns logo and “Invest the Change” are registered trademarks of Acorns Grow Incorporated. Copyright © 2019 Acorns and/or its affiliates.

NBCUniversal and Comcast Ventures are investors in Acorns Grow Incorporated.