Votes still being counted in the presidential election, October added 365,000 new jobs, and health-care enrollment deadlines are coming up. Here's how the headlines could affect your money.
Markets enjoyed a second straight rally on Election Day as traders assessed the outcome. Wednesday morning, the results were still too close to call. Despite the uncertainty, the three indexes were up in early trading.
Markets tend to go up no matter which party holds the Oval Office. In fact, since President Harry Truman's terms (1945-1953), all U.S. presidents left office with the S&P higher than it had been when they began, with only two exceptions – Richard Nixon and George W. Bush. That's why it's a good idea to stay the course and remain focused on the long view.
The ADP outlook for October showed job growth of 365,000 new nonfarm payroll jobs. That's significantly fewer than in September, and less than analysts predicted.
Most of the new jobs were in the services sector, especially the hard-hit hospitality field. According to a September survey by Monster, jobs expected to have the biggest surges of demand for personnel throughout the end of the year include pet care, personal care aide, and web development.
It's open enrollment season for many health-care plans, including employer-sponsored coverage, as well as policies available on the ACA marketplace. There may be just a short window to elect benefits for the coming year, and your choices can have a big impact on your out-of-pocket medical costs. So it's important to assess your options.
Video by David Fang
Open enrollment refers to the time window during which insurance plans allow people to change, discontinue, or start their policies for the following year. For many health-care plans, changes are not possible outside the open enrollment period unless you have a "qualifying life event" such as getting married or having a baby.
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.
More from Grow:
- Markets get jumpy around presidential elections: Here are 3 good reasons to stay calm
- 'Nobody ever got rich just by saving money,' says early retiree: Here's how you do it
- What to expect from the market if Trump or Biden wins the 2020 election, according to experts