Markets look ahead to President-elect Joe Biden's economic stimulus proposal, jobless claims are worse than expected, and what you can learn from bitcoin investors' password problems. Here's how the headlines could affect your money.
The S&P 500 and Nasdaq both rose slightly Wednesday, with the S&P gaining 0.2% and the Nasdaq rising 0.4%. Meanwhile, the Dow fell just 0.03%. While political uncertainty can move the market, indexes held steady as the House voted to impeach President Donald Trump for a second time.
"Stocks are extending their gains thanks to ongoing stability in the 'three pillars' (stimulus, vaccines, and earnings)," Adam Crisafulli of Vital Knowledge wrote in a note. "All the Trump impeachment noise is largely irrelevant to markets."
Video by Helen Zhao
First-time claims for unemployment insurance jumped to 965,000 last week — the highest weekly total since August, according to Labor Department figures. That's up from 784,000 claims the week before and worse than analysts' estimate of 800,000.
"The damage from Covid-19 is concentrated among already challenged groups," Brainard said in a speech. "The K-shaped recovery remains highly uneven, with certain sectors and groups experiencing substantial hardship."
About 1 in 5 bitcoins in circulation, collectively worth about $140 billion, are stuck because investors have lost passwords, according to The New York Times.
It's an important reminder to practice good password management on your financial accounts and assets, experts say. Namely, make sure each account has a unique, complex password. Consider signing up for a password management service such as LastPass or Dashlane to help you keep track.
Video by Stephen Parkhurst
When a company IPOs, an investment bank is hired to determine the initial valuation of the company, or how much it is worth, ahead of its debut on an exchange. Unicorns Petco and Poshmark both joined the Nasdaq Thursday, with initial valuations of $4 billion and $3 billion, respectively.
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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