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Biden weighs canceling $50,000 of student loan debt per borrower: The headlines and your money

The S&P closed above 4,000 for the first time, and nearly 1 million jobs were created in March.

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President Joe Biden with Vice President Kamala Harris (L), delivers remarks in the South Court Auditorium of the White House in Washington DC, on March 29, 2021.
Jim Watson | AFP | Getty Images

The S&P posts a record close as the U.S. economy adds nearly 1 million jobs in March. Plus, President Joe Biden is considering erasing $50,000-worth of student debt. Here's how the news could affect your money.

S&P closes at record high

The S&P closed above 4,000 for the first time Thursday, rising 1.2%. The Dow and Nasdaq were also up, gaining 0.5% and 1.8% respectively. Markets were closed on Good Friday.

All three indexes were up Monday morning, with the Dow hitting a new intraday high as traders reacted to Friday's monthly jobs report.

Jobs report smashes expectations

Job growth boomed in March as more of the country reopened and more Americans were vaccinated for Covid-19. Nonfarm payrolls increased by 916,000 for the month, beating economists' expectations. The unemployment rate fell to 6%, according to the Labor Department.

Friday also saw the highest number of Americans vaccinated in a single day, with more than 3 million shots administered. More than 40% of the U.S. population 18 or older has now received at least one dose of the vaccine, according to the Centers for Disease Control and Prevention.

Biden considers canceling $50,000 of student debt

Biden has asked the Education Department for a report about the president's legal authority to cancel up to $50,000 in student debt per borrower, White House Chief of Staff Ron Klain said in an interview with Politico Thursday.

When Biden previously pushed back at the idea of canceling over $10,000, some Democratic lawmakers had urged him to think bigger.

VIDEO2:0902:09
Suze Orman's 2 rules for borrowing student loans

Video by Stephen Parkhurst

Words you've heard: corporate tax rate

Treasury Secretary Janet Yellen is expected to call for a global minimum corporate tax rate — that is, the tax on companies' profits — on Monday in a speech before the Chicago Council on Global Affairs. The Biden administration is working with other G-20 countries to achieve that goal, according to Yellen's prepared remarks confirmed by CNBC.

Biden's recently introduced $2 trillion infrastructure package proposes raising the corporate tax rate from 21% to 28%. Congress slashed the U.S. corporate tax rate from 35% to 21% in 2017. 

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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