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Congress reaches deal on relief package, Tesla joins the S&P 500: How today's headlines could affect your money

The new bill includes $600 stimulus checks and an additional $300 in weekly unemployment benefits.

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Tesla enters the S&P 500, Congress reaches a stimulus agreement, and tips for last-minute holiday shopping. Here's how today's headlines could affect your money.

Tesla enters S&P 500 after U.S. stocks hit highs

Electric automaker Tesla joins the S&P 500 Monday. With a market capitalization of $659 billion, it's the sixth-largest company in the S&P 500 and the largest company to ever enter the index. Tesla's had a banner year: Its share price is up almost 700% since January.

The inclusion could have an impact on your investments. More than $4.5 trillion worth of index funds are measured against the S&P 500 and Tesla's share price is prone to dramatic swings that could significantly affect the index.

This move comes after another big week for the U.S. stock market. The three major indexes all closed at record highs on Friday.

Congress reaches $900 billion Covid relief deal

Congress plans to vote Monday on a $900 billion compromise Covid relief package that would include supplemental unemployment benefits, another round of stimulus checks, and aid for struggling businesses.

The new deal would provide an additional $300/week in unemployment benefits and $600 checks to most Americans. Also included: another round of Paycheck Protection Program (PPP) loans for small businesses and $25 billion for rental assistance. The federal eviction moratorium, which is set to expire on December 31, would be extended through January. 

VIDEO1:5901:59
Suze Orman on how to use a second stimulus check

Don't break the bank to pay for expedited shipping

If you're doing last-minute holiday shopping, you might be tempted to pay extra for expedited shipping so your gift arrives by Friday. Don't waste the money, says Mister Manners Thomas Farley: Remember that your gift will be appreciated on December 26, too. But do let recipients know their gifts might be late.

Words you've heard: Index fund

An index fund is an investment vehicle that tracks the performance of a particular market index, like the S&P 500. Index funds offer diversification by allowing investors to buy an assortment of assets all at once rather than having to select each component individually.

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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