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Gas prices up 5% in the first half of May: Here's how the headlines could affect your money

Plus, AT&T merges its content unit, which includes CNN and HBO, with the Discovery networks.

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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.

Markets decline for the week

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.

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Child Tax Credit payments to begin July 15

Families eligible for the expanded Child Tax Credit will begin receiving monthly payments of up to $300 per child beginning July 15, the Biden administration says.

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.

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Gas prices up, expected to keep rising

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.

Words you've heard: M&A

Mergers and acquisitions (M&A) is a general term to describe the consolidation of companies through various financial transactions, including consolidations and the purchase of assets.

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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