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Markets hit new highs, and Congress decides on eligibility for $1,400 checks: How the headlines can affect your money

All 3 major indexes hit record closing highs on Monday.

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Markets hit new highs and eligibility for the $1,400 stimulus check will not change. Plus, how upskilling can open new job opportunities. Here's how the headlines could affect your money.

Markets hit new record highs

The market continued its climb Monday after a strong end to last week. All 3 major indexes hit record closing highs. The Dow rose 0.8%, the S&P 500, 0.7%, and the Nasdaq, 1%. 

Markets were flat Tuesday afternoon.

Eligibility for $1,400 stimulus check to remain the same

As President Joe Biden's American Rescue Plan makes its way through Congress, there has been talk about changing the eligibility of those receiving the $1,400 stimulus checks. But when Democrats released more details about the bill Monday night, the income thresholds for those eligible for the payments had not changed. 

The latest proposal would send $1,400 payments to individuals earning up to $75,000 per year and $2,800 to married couples earning up to $150,000 per year.

VIDEO1:5901:59
Suze Orman on how to use a second stimulus check

Video by Helen Zhao

Federal Reserve offers tool for job seekers

College graduates earn 67% more per week on average than those with a high school degree, according to the Bureau of Labor Statistics. But you don't necessarily need a college degree to find a better-paid job.

The Federal Reserve of Philadelphia recently released a tool called Occupational Mobility Explorer, which helps users compare jobs to see how upskilling could offer access to new opportunities. 

"Our researchers have found that many workers already possess the skills they need to increase their income — all they might need is a little additional training," said Patrick Harker, CEO of the Philadelphia Federal Reserve, in a recent speech.

Words you've heard: upskilling

Upskilling means learning new skills in order to find better-paid work. The Federal Reserve of Philadelphia estimates upskilling could help workers without a bachelor's degree earn $15,000 more per year.

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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