Stocks have been mixed, fewer Americans filed first-time unemployment claims last week, and Florida residents vote for a $15 minimum wage. Here's how the headlines could affect your money.
The stock market is still reacting to Pfizer and BioNTech's Monday announcement that their coronavirus vaccine was more than 90% effective in test trials.
The Dow closed slightly lower on Wednesday after soaring almost 1,100 points in a two-session rally. The S&P 500 and Nasdaq both rose, however, as tech shares recovered losses triggered by a tech sell-off in favor of value stocks.
The Dow and S&P 500 were down Thursday morning, while the Nasdaq was up slightly.
The Department of Labor released its weekly jobs report Thursday, and it shows 709,000 American workers filed for unemployment for the first time in the week ending November 7.
That's lower than both last week's figure and economist estimates. This is the fourth straight week of decline for new claims.
Video by Stephen Parkhurst
During last week's presidential election, more than 60% of Florida residents voted in favor of increasing the state's minimum wage to $15 an hour from its current rate of $8.56 an hour.
The pay hike will happen gradually, with salaries hitting $10 on September 30 next year and increasing $1 each year until 2026. Other states passing local increases as part of a pay bump initiative include California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, and New York.
In 2019, the House of Representatives passed the Raise the Minimum Wage Act, which aims to gradually lift wages from $7.25 per hour to $15 an hour by 2025. It's not clear whether the measure could advance in the Senate, control of which could be decided by two Georgia runoffs in January.
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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