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S&P and Nasdaq hit new record highs, and Americans face a 'benefits cliff': Here's how the headlines could affect your money

Most people don't know that taxes can get more complex if you work remotely, a survey found.

House Speaker Nancy Pelosi, D-Calif.
Drew Angerer | Getty Images News | Getty Images

The S&P and Nasdaq hit new record highs, Americans face a "benefits cliff," and remote workers could see higher state taxes. Here's how the headlines could affect your money.

Market poised for a record month

Retail stocks spurred gains during the market's shortened trading day Friday, after an Adobe Analytics report estimated consumers spent a record $5.1 billion online on Thanksgiving Day. The S&P and Nasdaq both hit new closing highs and were up 2.3% and almost 3% for the week, respectively.

The Dow is on pace for its best monthly performance since January 1987 while the Russell 2000 could have its best month ever.

Slim hopes for a 2020 stimulus bill 

Experts warn that millions of Americans face a daunting year-end "benefits cliff," the end of temporary protections for unemployed workers, renters, and student borrowers. To help, Congress would need to act quickly to pass new coronavirus stimulus measures.

Assistance could be attached to a spending bill that Congress must pass by December 11 to avoid a government shutdown. But it's unclear how likely that is: Both sides are still divided on the price tag of an aid package and what measures to include. 

"I don't think there's any sign of visible momentum," Mark Hamrick, a senior economic analyst at Bankrate, told CNBC. "It's one example after another of Lucy moving the football before Charlie Brown goes to kick it."

Taxes get complicated for remote workers

Most people don't know that taxes can get more complex if you work remotely, according to an AICPA survey. If you hopped states during the pandemic, you could be on the hook for more taxes next spring and have to file returns with multiple states. 

Obligations may vary depending on details like where you regularly live and work, as well as where you worked remotely and for how long. Start a log of how many days you have worked in each state to help you and your tax preparer assess next steps. 

3 tips to ace working from home

Video by Mariam Abdallah

Words you've heard: Stock market holiday 

The stock market is typically open about 250 days a year, with the exception of nine stock market holidays: New Year's Day, Martin Luther King Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Before or after some market holidays, the stock market closes early.

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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