Markets dipped slightly, and consumer prices head higher led by gas prices. Bitcoin hits a new high ahead of the Coinbase IPO. Plus, why experts recommend Roth IRAs. Here's how the headlines could affect your money.
The Dow and the S&P 500 hovered near record highs Monday. The Dow dipped 0.2% and the S&P fell 0.02%. The Nasdaq fell 0.4%.
The consumer price index (CPI) rose 0.6% from February and is up 2.6% from last year, according to March figures from the Labor Department.
Gas prices were responsible for about half of the overall increase, shooting up 9.1% from February and 22.5% from a year ago. Food prices also rose 0.1% for the month and 3.5% for the year.
Economists see the jump in prices as a sign of rising inflation but expect the increase to be temporary. The numbers look higher because last year's figures were much lower due to the widespread shutdowns at the start of the pandemic.
Video by Courtney Stith
"You should always invest through a Roth IRA," says IRA expert Ed Slott. "To start building your retirement account from dollar one tax-free is the Holy Grail." The advantage: Investors fund a Roth account with money they've already paid taxes on. The money grows tax-free and can be withdrawn tax-free in retirement, so it can go further.
Traditionally, a company seeking to go public hires an underwriter, like an investment bank, to drum up investor interest and bring its shares to the market. With a direct listing, a company lists its own shares on an exchange. That saves the cost of hiring bankers, who not only charge for the service but typically list shares at an artificially low price to attract institutional investors.
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.