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Dogecoin surges ahead of Elon Musk's 'Saturday Night Live' appearance: How the headlines affect your money

The leisure and hospitality sector posted the biggest gains, adding 237,000 new positions in April.

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Elon Musk, CEO of Tesla, stands on the construction site of the Tesla Gigafactory in Grünheide near Berlin, September 3, 2020.
Patrick Pleul | picture alliance | Getty Images

Stock indexes submitted a mixed performance. Dogecoin soared. And private job growth accelerated in April. Here's how the headlines could affect your money.

A mixed bag for stocks

The S&P 500 and Nasdaq each fell Tuesday amid slides in Big Tech names such as Apple, Alphabet, Facebook, and Tesla. The S&P surrendered 0.7%, and the tech-heavy Nasdaq slipped 1.9%, for its worst day since March. The Dow was up 0.1%.

Stocks rose Wednesday morning.

Dogecoin continues to surge

Dogecoin, a shiba inu-inspired cryptocurrency that began as a joke based on a viral dog meme, climbed 30% Tuesday to a value of more than 50 cents per coin. On Wednesday morning, dogecoin continued surging, trading as high as 68 cents per coin. The coins were worth fractions of a penny at the start of 2021.

The latest boost is likely partially related to Tesla CEO Elon Musk's upcoming appearance on "Saturday Night Live," when he'll have the opportunity to discuss cryptocurrency on national television.

Musk, along with fellow billionaire Mark Cuban, has been a prominent dogecoin booster, tweeting about the niche cryptocurrency multiple times.  

Private payrolls show big April gain

Private job growth accelerated in April, with companies adding 742,000 for the month, according to a Wednesday report from payroll processing firm ADP. That's a big gain from March, but slightly worse than economists expected.

The sector most impacted by pandemic-related lockdowns – leisure and hospitality – posted the biggest gains, adding 237,000 new positions. Despite the bounceback, the industry is still hurting, about 3 million jobs shy of where things stood pre-Covid.

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Words you've heard: K-shaped recovery

A K-shaped recovery describes an uneven economic rebound following a recession, with different parts of the economy recovering at different rates. Charted together, the lines representing different parts of the economy diverge, roughly forming the shape of the letter K. 

Last March's Covid-related recession is showing signs of a K-shaped recovery. U.S. workers earning more than $60,000 a year largely regained their jobs by May 2020, while employment is still down 30% for those making less than $27,000, according to Opportunity Insights, a joint project between Harvard University and Brown University.

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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