Markets log weekly losses. Monthly child tax credit payments are set to arrive in July, and gasoline prices continue rising. Here's how the headlines could affect your money.
The major indexes continued climbing Friday, erasing some of their losses incurred earlier in the week. The Dow, S&P, and Nasdaq jumped 1.1%, 1.5%, and 2.3%, respectively, on Friday. Despite the rally, all three major indexes ended the week down: The Dow and S&P each fell more than 1%, while the Nasdaq tumbled 2.3%.
Markets were down as of Monday morning.
Video by Helen Zhao
Under the American Rescue Plan, taxpayers can claim a credit of up to $3,600 per child under the age of 6 and up to $3,000 for children ages 6 to 17. Half will be distributed in advance through those monthly cash payments. The other half will be credited at tax time next spring.
Around 80% of the families that qualify have direct deposit already set up and do not need to take any additional steps. The remaining 20% will get payments by check or debit card.
Use Grow's calculator to determine how much money your family may be eligible to receive.
Video by Stephen Parkhurst
The national average for a gallon of regular gas is $3.05, according to AAA — up 5% so far this May.
Panic buying in the wake of the Colonial Pipeline cyberattack contributed to the recent spike in gas prices. But an overall surge in demand from people hitting the road this summer means gas is likely to stay expensive for the foreseeable future, experts say.
AAA expects more than 37 million people to do some kind of road tripping in the coming months, an increase of 60% from last year.
AT&T announced Monday that it will merge its WarnerMedia movie and media content unit, which includes CNN and HBO, with Discovery, which includes HGTV, in an all-stock deal.
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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