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Biden's recovery plan would extend $3,600 Child Tax Credit through 2025: How the headlines can affect your money

Plus: CFPB rolls outs new eviction protections for tenants.

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US President Joe Biden speaks about gun violence prevention in the Rose Garden of the White House in Washington, DC, on April 8, 2021.
Brendon Smialowski | AFP | Getty Images

Markets slid before rebounding, President Joe Biden proposes strengthening the Child Tax Credit through 2025, and the U.S. beefs up eviction protections. Here's how the news could affect your money.

Markets close lower, rebound

Stock fell for a second straight day as investor concerns about a rise in global Covid cases outweighed strong earnings results. The Nasdaq led the losses among major indexes with a 0.9% drop. The Dow shed 0.8%, and the S&P fell 0.7%.

So-called "reopening" stocks suffered some of the worst losses on the day, with United Airlines, American Airlines, Carnival, and Norwegian cruise lines all suffering losses between 4% and 9%.

The market bounced back Wednesday morning, with many of those reopening trades leading the charge. 

Biden's recovery plan would extend the Child Tax Credit through 2025

The second part of the Biden Administration's proposed infrastructure and recovery plan is said to include roughly $1 trillion in new spending and $500 billion in tax credits.

The package, known as the American Families Plan, is expected to be announced in the coming days and will include expanded child care, paid leave, and pre-K education policies, as well as a provision to extend the enhanced Child Tax Credit through 2025. The latest Covid relief bill expanded the credit up to $3,600 per qualifying child.

Use Grow's Child Tax Credit calculator to see how much money you qualify for if you claim the credit in 2021.

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CFPB increases protections for tenants

The Consumer Financial Protection Bureau issued an interim rule Monday that will allow tenants to sue debt collectors who violate the national eviction moratorium. The rules also require collection agencies to inform tenants of their rights under the eviction ban, which the Biden administration recently extended through June. Lawyers representing landlords who wrongly evict tenants may face prosecution under the rule as well.

If you're among the millions of Americans struggling to pay rent, experts suggest talking with your landlord, shopping for assistance programs, and, in some cases, seeking legal counsel.

Words you've heard: beat/miss

When companies report quarterly financial results, metrics such as earnings or revenues are measured against the aggregated projections of Wall Street analysts. Numbers that exceed Street expectations are deemed a beat. Come up short, and it's a miss

Netflix delivered a strong earnings beat for the first quarter of 2021. The stock fell badly Tuesday, however, due to a bad miss in subscriber numbers.

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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