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Coronavirus vaccine eligibility expands: How the headlines could affect your money

More than 25 million coronavirus vaccine doses have been distributed.

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Markets fell on Monday and coronavirus vaccines could soon be available for those 65 and older. Here's how the headlines could affect your money.

Markets dip after strong week

All three major indexes fell on Monday after hitting record highs the first week of 2021. The Dow fell 0.3%, the S&P 0.7%, and the Nasdaq 1.3%.

Stocks remained fairly flat on Tuesday morning.

Vaccine to be rolled out to people 65 and older

The Trump administration on Tuesday will announce guidelines expanding coronavirus vaccine eligibility to people 65 and older. 

Though more than 25 million doses have been distributed, fewer than 9 million shots of the vaccine have been administered, according to the Centers for Disease Control and Prevention. Having said America would vaccinate 20 million people by the end of 2020, the administration hopes expanding eligibility will help to pick up the pace. 

The labor market lost 140,000 jobs in December, which the Bureau of Labor Statistics attributes to an increase in Covid-19 cases and ineffective efforts to contain the pandemic.

VIDEO2:1702:17
Why you shouldn't panic when markets are bumpy

Video by Stephen Parkhurst

Half of U.S. states will raise minimum wage in 2021

A record 24 states and 50 local jurisdictions will raise the minimum wage in 2021, according to a recent report by the National Employment Law Project. These include California, Florida, Massachusetts, and New York.

The raises will vary from a few cents to $1 or more, with the goal of getting workers closer to $15 per hour. The federal minimum wage, which has not increased in more than a decade, is currently at $7.25 per hour. 

Words you've heard: inflation adjustment  

As the value of money decreases over time, some employers opt to make periodic inflation adjustments and raise their workers' salaries to ensure they still cover living expenses.

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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