Markets lose ground for the week. The House passes Biden's $1.9 trillion Covid relief bill. Johnson & Johnson's one-shot vaccine gets FDA approval. Plus, Warren Buffett tells investors, "Never bet against America."
Here's how the headlines could affect your money.
The Dow Jones and S&P were down and the Nasdaq was up Friday after a volatile day of trading. Overall, each of the three indexes lost ground during the last week of February: The Dow, Nasdaq, and S&P were down 1.8%, 4.9%, and 2.5%, respectively.
Markets were up Monday morning.
The House of Representatives passed President Joe Biden's $1.9 trillion relief package early Saturday morning after a day of debate. The proposal includes $1,400 stimulus checks, $400 weekly supplements to unemployment benefits, and billions in federal aid to help state and local governments distribute vaccinations.
It also increases the minimum wage to $15 an hour, despite the fact that the Senate parliamentarian ruled last week that the wage provision could not be included in the next Covid-19 relief package. The Senate now has to strip the House bill of the minimum wage hike. If passed, the bill goes back to the House to be reapproved.
Video by Stephen Parkhurst
Warren Buffett remains bullish on the U.S. economy: In his annual letter to shareholders released over the weekend, he reminded investors, "Never bet against America." Buffett also revealed Berkshire Hathaway bought back $9 billion worth of its own stock in the last quarter of 2020, bringing its total buybacks for the year to a record $24.7 billion.
Berkshire Hathaway's three largest holdings are $110.1 billion worth of Apple, $35.9 billion worth of Bank of America, and $20.5 billion worth of American Express, per CNBC's tracker of the company's portfolio.
Video by Courtney Stith
The CDC gave Johnson & Johnson's Covid-19 vaccine emergency use authorization Saturday, allowing it to forgo typical regulatory hurdles and begin distribution as soon as this week. The new vaccine, which only requires one dose, is the third to receive FDA fast tracking after it proved to be 72% effective in clinical trials.
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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