The S&P 500 hits another record close, bitcoin jumps, and half of millennials and Gen Zers are willing to take on debt to treat themselves. Here's how the headlines could affect your money.
All three major indexes rose Friday. The S&P 500 closed at a record high for the second day in a row and gained 0.4% for the week. The Nasdaq rose 1.9% last week; the Dow fell 0.8%.
The major indexes were mixed as of Monday afternoon.
Video by Courtney Stith
"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk tweeted.
Bitcoin's value dropped below the $40,000 mark by Monday afternoon, reaffirming just how volatile the online currency has been this year: Its value has surged over 30% in 2021 but has also experienced wild swings. It hit an all-time high of almost $64,000 in April before falling to a low near $30,000 in May.
As more people get vaccinated and states drop pandemic restrictions, Americans are ready to treat themselves — even if it means going into debt. Two-thirds of Americans say they plan to spend more money in at least one discretionary category during the second half of 2021, including over half of millennials and Gen Zers, according to CreditCards.com.
"Everybody's entitled to splurge a little bit," says Ted Rossman, senior analyst at CreditCards.com. "But my hope would be that people could do so more with the money they've saved, or within the constructs of a budget."
Video by Mariam Abdallah
Monero is a cryptocurrency that prioritizes privacy and anonymity. Unlike bitcoin's blockchain, which stores the coin's transaction history for all to see, monero's ledger hides many of those details. So monero is becoming increasingly popular among ransomware criminals: Some even give victims discounts if they use it to pay ransoms.
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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