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Amy Coney Barrett confirmed for the Supreme Court, home prices rise: How the headlines could affect your money

Markets plummeted Monday, Amy Coney Barrett confirmed by the Senate, and home prices rise.

Judge Amy Coney Barrett is nominated to the US Supreme Court by President Donald Trump in the Rose Garden of the White House in Washington, DC on September 26, 2020.
Olivier Douliery | AFP | Getty Images

The markets fell sharply on Monday, home prices have risen, and Amy Coney Barrett was confirmed by the Senate. Here's how the headlines could affect your money.

Markets dropped on Monday

All three major indexes fell on Monday. The Dow had its biggest one-day drop since September. Record-high numbers of Covid-19 cases nationwide continue to worry investors, who are also concerned about stalled stimulus talks between Democrats and the White House. 

Dow companies including 3M, Caterpillar, and JetBlue began sharing earnings on Tuesday as the markets attempted to recover.

Amy Coney Barrett confirmed

The Senate voted to confirm Amy Coney Barrett to the Supreme Court 52-48. Maine Senator Susan Collins was the only Republican to break from her party. Barrett takes the place of the late Justice Ruth Bader Ginsburg and gives conservatives a solid 6-3 majority. 

Chief Justice John Roberts administered a second oath on Tuesday, officially making Barrett part of the court

Is now a good time to refinance your mortgage?

Video by David Fang

Home prices rise 

Home prices in the U.S. rose 5.7% annually in August, according to the S&P CoreLogic Case-Shiller National Home Price Index, as a limited supply has met a strong demand during the pandemic and mortgage rates are lower than usual.

Phoenix, Seattle, and San Diego saw some of the highest annual gains with increases of 9.9%, 8.5%, and 7.6% respectively. On the other end of the spectrum, Chicago, New York City, and San Francisco saw the smallest annual price increases in August.

If you're looking to buy a home but are worried about cost, many financial institutions allow consumers to pay a smaller amount upfront. The median down payment is only 7.6%.

Words you've heard: National Composite Index

The National Composite Index is a tool to help with family planning, looking at factors like government support, discrimination, and other data. As home prices rise, the National Composite Index is on the rise, too.

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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