News You Can Use

Energy prices rise as severe winter weather hits the South: How the news could affect your money

The energy sector gained more than 3% in early trading Tuesday.

Share
Twenty/20

Markets finished last week with record highs, energy prices spike as storms surge in the South, and some states demand repayment of unemployment benefits. How the headlines could affect your money.

Indexes close out week with record highs 

Stocks finished higher Friday, with all three major indexes hitting record closing highs. The Dow rose 1% for the week, the S&P 500 1.2%, and the Nasdaq 1.7%.

Markets were mixed Tuesday morning, following Monday's stock market holiday for Washington's Birthday.

Energy prices spike as storms surge in the South

Energy prices spiked Tuesday as winter storms and record low temperatures in the South hampered energy production. More than 4 million Texas households were without power as demand for heat overwhelmed the state's power grid.

"It's unprecedented in terms of what we're seeing both on the demand side, and in terms of the supply side," Helima Croft, global head of commodity strategy at RBC, told CNBC.

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

Video by Stephen Parkhurst

The energy sector gained more than 3% in early trading Tuesday. Gasoline futures rose 4% and the U.S. oil benchmark passed $60 for the first time in more than a year. Consumers may see those price jumps when it comes to what they pay at the pump and for their own home heating bills.

Some unemployed workers may have to repay benefits

People who received unemployment benefits may get a notice of overpayment if the state later determines they weren't eligible for some or all of the funds received. The Covid relief package Congress passed in December gave states the power to forgive overpaid federal unemployment benefits. 

Some states, including Illinois and Colorado, have issued waivers. But others, including Missouri, expect affected residents to repay those funds, according to NPR

Words you've heard: stock market holiday

The stock market is typically open about 250 days a year, with the exception of nine stock market holidays. Before or after some market holidays, the stock market closes early.

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:

acorns+cnbcacorns cnbc

Join Acorns

GET STARTED

About Us

Learn More

Follow Us

All investments involve risk, including loss of principal. The contents presented herein are provided for general investment education and informational purposes only and do not constitute an offer to sell or a solicitation to buy any specific securities or engage in any particular investment strategy. Acorns is not engaged in rendering any tax, legal, or accounting advice. Please consult with a qualified professional for this type of advice.

Any references to past performance, regarding financial markets or otherwise, do not indicate or guarantee future results. Forward-looking statements, including without limitations investment outcomes and projections, are hypothetical and educational in nature. The results of any hypothetical projections can and may differ from actual investment results had the strategies been deployed in actual securities accounts. It is not possible to invest directly in an index.

Advisory services offered by Acorns Advisers, LLC (“Acorns Advisers”), an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Brokerage and custody services are provided to clients of Acorns Advisers by Acorns Securities, LLC (“Acorns Securities”), a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Acorns Pay, LLC (“Acorns Pay”) manages Acorns’s demand deposit and other banking products in partnership with Lincoln Savings Bank, a bank chartered under the laws of Iowa and member FDIC. Acorns Advisers, Acorns Securities, and Acorns Pay are subsidiaries of Acorns Grow Incorporated (collectively “Acorns”). “Acorns,” the Acorns logo and “Invest the Change” are registered trademarks of Acorns Grow Incorporated. Copyright © 2021 Acorns and/or its affiliates.

NBCUniversal and Comcast Ventures are investors in Acorns Grow Incorporated.