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Senate Republicans counter Biden’s infrastructure bill with $928 billion offer: The news and your money

Plus, jobless claims reach another pandemic low.

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Sen. Shelley Moore Capito (R-WV), lead Republican negotiator with the Biden administration on infrastructure, talks about the GOP's $928 billion counteroffer during a news conference with Sen. Pat Toomey (R-PA) (L) and Sen. John Barrasso (R-WY) at the U.S. Capitol on May 27, 2021 in Washington, DC.
Chip Somodevilla | Getty Images

Markets recover, the jobs outlook improves again, and President Joe Biden's proposed infrastructure plan gets a Republican counteroffer. Here's how the news could affect your money.

Stocks inch higher

After falling Tuesday, markets inched slightly higher by the close of Wednesday's session. The Dow climbed just 10.6 points, while the S&P 500 jumped 0.2%. The Nasdaq ended the session up 0.6%. 

Stocks climbed higher Thursday morning as traders digested news of a fresh pandemic low in jobless claims.

Republicans counter Biden's infrastructure bill

Senate Republicans unveiled a $928 billion counteroffer to President Joe Biden's proposed $1.7 trillion infrastructure bill. 

In addition to funding upgrades to roads, bridges, and public transit, the Republican bill would fix ailing water systems, aid airports, and address poor broadband connectivity throughout the country. But it does not include Biden administration priorities such as home health care and spending to upgrade housing and schools.

Republicans also rejected the president's call to finance the bill by raising the corporate tax rate, arguing it would hurt job growth.

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Jobless figures continue to improve

The number of first-time unemployment claims hit a new post-pandemic low. About 406,000 Americans filed initial jobless claims for the week ending May 22. That's an improvement from the prior week and better than analysts expected.

Words you've heard: net worth

Your net worth is the sum of all your assets, including cash savings, investments, and real estate, minus the total debts you owe, like student loans, credit card debt, or mortgage debt. In a new Charles Schwab survey, Americans said an average net worth of at least $624,000 is what they'd need to feel financially comfortable. That figure was much higher before the pandemic: $934,000.

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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