Markets have rebounded and continue to climb. Retail sales stalled in April, and the Centers for Disease Control and Prevention relaxed mask guidance. Here's how the headlines could affect your money.
Major indexes climbed Thursday after incurring steep losses earlier in the week. The Dow rose 1.3%, and the S&P 500 and Nasdaq jumped 1.2% and 0.7%, respectively.
Friday morning, stocks continued to climb.
Following a 10.7% surge in March, retail sales in April stalled, according to a Department of Commerce report released Friday. Retail sales dropped 1.5% last month, a contrast to the 1% increase economists predicted.
The data might reflect the slowdown in hiring during the month of April, experts say, and that consumers are no longer feeling the financial boost from the $1,400 stimulus checks distributed in March. Still, they expect spending to accelerate this summer as the economy reopens.
Video by Mariam Abdallah
The CDC announced Thursday that fully vaccinated people do not need to wear masks or social distance in most settings, indoors or outdoors. "If you are fully vaccinated, you can start doing the things that you had stopped doing because of the pandemic," CDC Director Dr. Rochelle Walensky said at a press briefing.
You may notice people around you or on social media revenge spending. Prepare your budget to accommodate the urge you may feel to spend, and adjust the amount you want to save each month to give yourself a little more wiggle room for socializing. Label your savings accounts, too, so you are less likely to dip into them.
If you've been shelling out more money lately for a nice dinner or a new wardrobe, you might be revenge spending. Revenge spending is when you splurge to make up for the time you couldn't buy what you wanted.
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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