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Markets drop as stimulus hopes fade; jobless claims hit highest mark since August: Here’s how the headlines could affect your money

Stock markets declined as lawmakers debated a stimulus deal; the number of Americans who filed for unemployment reached a high; and more of what today’s news means for your money.

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U.S. Treasury Secretary Steven Mnuchin departs from the office of Senate Majority Leader Mitch McConnell (R-KY) at the U.S. Capitol on September 30, 2020 in Washington, DC.
Tasos Katopodis | Getty Images

Stock markets declined as lawmakers debated a stimulus deal; first-time unemployment claims reached their highest level since August; and Apple has new iPhones for various budgets. Here's how the headlines could affect your money.

Markets drop as stimulus hopes fade

Stocks fell for a second straight day on Wednesday after Treasury Secretary Steven Mnuchin suggested the likelihood of reaching another coronavirus stimulus deal being reached before the November 3 presidential election wasn't high.

Mnuchin noted, however, that Democrats and Republicans were making progress. On Thursday, President Donald Trump said he would up his current $1.8 trillion offer. House Democrats want $2.2 trillion.

Jobless claims hit highest mark since August

The number of Americans who filed new unemployment claims reached 898,000 for the week ending October 10, according to the Department of Labor, surpassing both analyst predictions and last week's number.

About 11.4 million roles, or half of those lost since the start of the pandemic, have been regained. 

And some Americans are finding good jobs: These 8 in-demand roles for a post-coronavirus economy, for instance, can pay as much as $136,000 a year.

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Apple iPhone reveal: Which one is right for you?

At its iPhone 12 event Tuesday, the tech giant (the first publicly traded company in the U.S. to hit a market cap of $2 trillion) unveiled four 5G-supported phones to suit various budgets. The prices range from $399 to over $1,099, giving potential buyers a wide choice of features, storage capacities, and prices.

Words you've heard: Panic sell

When the stock market becomes volatile, some investors may be tempted to panic sell, or get rid of investments they fear will drop in value. But experts say the most successful strategy is to prepare for the long term, since pulling out during a decline can make it tougher to recover your money when the market rebounds.

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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