News You Can Use

Markets mixed after coronavirus vaccine news, Florida votes for $15 minimum wage: The news and your money

Fewer Americans filed for unemployment last week, and Florida residents vote for a $15 minimum wage.

@veronika.smirnaya | Twenty20

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. 

Mixed markets after coronavirus vaccine news

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. 

Weekly jobless claims come in better than expected

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.

Why you shouldn't panic when markets are bumpy

Video by Stephen Parkhurst

Florida votes for $15 minimum wage

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.

Words you've heard: Raise the Minimum Wage Act

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.

More from Grow:

acorns+cnbcacorns cnbc

Join Acorns


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.