The market bounces back, Congress gets a one-week reprieve to negotiate a funding bill and stimulus aid, and the first Americans have gotten Covid vaccines. Here's how the headlines could affect your money.
Last week, with the outlook for a stimulus deal uncertain, the Dow and S&P 500 posted their first weekly declines since late November.
Monday morning, the major indexes jumped as the U.S. began distributing Pfizer's and BioNTech's coronavirus vaccine. The FDA approved it for emergency use late Friday. Stocks that stand to benefit the most from a vaccine led the market's gains.
Video by David Fang
On Friday, President Trump signed a bill extending funding for the federal government through December 18. The move buys Congress another week to come to a deal on a full-year funding package and on Covid aid. Lawmakers have struggled to reach agreement on both.
Without a bill in place, the federal government could shut down Saturday. A shutdown can hurt the economy and affect individuals' finances. And without more coronavirus aid, about 12 million people will lose unemployment benefits on the day after Christmas. Protections such as eviction moratoriums are also set to expire at the end of the year.
Initial vaccines are earmarked for health-care workers and long-term care residents, but the Covid vaccine could be widely available by May or June, according to NBC News.
Vaccine providers are likely to include hospitals and major retailers with pharmacies, such as CVS, Walgreens, and Walmart.
The federal government has said the vaccine will be free for all Americans whether or not they have health insurance. Insurers or the federal government will cover any fee providers charge to administer the shots.
Video by Stephen Parkhurst
On Wall Street, a unicorn is a privately held start-up company that's valued at more than $1 billion. Should a unicorn IPO and become a public company, that label becomes less notable. Last week, DoorDash and Airbnb, both unicorns, made their stock market debuts.
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: