Markets are mixed as traders await stimulus news and Tesla's S&P 500 debut, lawmakers may be close to a stimulus deal, and nearly 70% of young people "reset" their finances amid the pandemic. Here's how the headlines could affect your money.
The Dow, S&P 500, and Nasdaq each hit new records Thursday. The S&P and Nasdaq both hit intraday and closing records while the Dow posted its highest-ever close. All three indexes were down Friday morning, however, as momentum slowed on stimulus talks.
Investors are expecting record trading volume Friday. Not only is it a quadruple witching day, but Tesla is preparing for its S&P debut on Monday.
Congressional leaders have yet to agree on a $908 billion stimulus relief package that could include individual $600 checks, extended unemployment pay, and more student loan forbearance. Lawmakers are reportedly close to a consensus.
Senate Majority Leader Mitch McConnell said Friday that he feels good about where things stand: "The talks remain productive. In fact, I am even more optimistic now than I was last night that a bipartisan, bicameral framework for a major rescue package is very close at hand."
Video by Helen Zhao
Nearly 70% of millennials and those in Gen Z have used the pandemic to "reset and reevaluate" their finances, according to a survey from Laurel Road. Since the CARES Act gave borrowers an opportunity to forestall payments, many borrowers have bulked up their savings and gotten on more solid financial footing.
A witching day in the stock market occurs on a specific day during the quarter when a set of options expire. Quadruple witching happens four times a year when stock index futures, stock index options, stock options contracts, and single stock futures all expire on the same day.
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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