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Amazon opens a pharmacy, markets hit highs, consumers file 38,712 complaints: Here’s how the headlines could affect your money

Amazon launched the Amazon Pharmacy, markets rose on Monday, and consumers filed many complaints.

Twenty/20

Markets hit closing highs, Amazon opens a pharmacy, and consumers file 38,712 complaints. Here's how the headlines could affect your money.

Record highs for markets

Markets finished strong on Monday, with both the Dow and S&P 500 hitting all-time closing highs. The Nasdaq also neared a closing record. These spikes came after the drug company Moderna's announcement that its Covid vaccine was 94.5% effective in trials.

The Dow pointed down on Tuesday morning.

Amazon opens a pharmacy

Many U.S. customers over the age of 18 can now order prescription drugs to be delivered to their homes from Amazon Pharmacy, Amazon announced Tuesday. Prime members receive free delivery; others can get free delivery within five days or pay $5.99 for two-day delivery. Prime members get the added bonus of discounts of up to 80% on generics and up to 40% on brand-name medicine.

Amazon Pharmacy will accept most types of insurance. For now, though, it won't serve residents of Hawaii, Illinois, Kentucky, Louisiana, and Minnesota.

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Consumer complaints surge

A record number of consumers filed complaints to the Consumer Financial Protection Bureau (CFPB) between March and July 2020: The 38,712 complaints represent a 50% increase over the same period in 2019. The surge was driven by complaints about credit reports and the credit bureaus, which made up 65% of all issues. 

Your credit report is key in establishing your eligibility for loans, credit cards, and housing. Check your report for free at annualcreditreport.com or directly through the three major credit bureaus: Experian, Equifax, or TransUnion. 

While many CFPB complaints focus on credit report errors, before you reach out to regulators, see if you can address the problem directly with the credit bureaus by following the steps on your report to start a dispute.

Words you've heard: CFPB

The CFPB is a government agency created after the 2008 financial crisis. Its priorities include rooting out predatory banking practices, taking customer complaints, and financial education.  

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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