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Lawmakers start negotiating new stimulus proposal, and traders watch corporate earnings: How the headlines can affect your money

Plus, where $500,000 of retirement savings will last the longest.

President Joe Biden speaks during an event on his administration's Covid-19 response in the State Dining Room of the White House in Washington, on Thursday, Jan. 21, 2021.
Al Drago | Bloomberg | Getty Images

Traders watch corporate earnings, and lawmakers start negotiating a new stimulus proposal. Plus, states where $500,000 in retirement savings will last the longest. Here's how the headlines could affect your money.

Traders watch corporate earnings

The Nasdaq closed at another record high Friday, and while the Dow and the S&P fell slightly, all three indexes ended the week higher. The Nasdaq rose 4.2% for the week, while the S&P climbed 1.9% and the Dow 0.6%.

The markets were mixed early Monday. Traders anticipate a busy earnings week: More than a fifth of the S&P 500 companies and 13 Dow components will report on their latest quarter.

Lawmakers begin new Covid relief negotiations

Senators and White House officials met Sunday to begin talks about the $1.9 trillion stimulus Biden proposed ahead of taking office. That plan pitched $1,400 direct payments for most Americans and federal unemployment benefits of $400/week until September, among other provisions.

Lawmakers hope to approve a relief package in the coming weeks before former President Donald Trump's second impeachment trial begins.

"We're going to continue to push because we can't wait," White House Principal Deputy Press Secretary Karine Jean-Pierre told reporters.

What happens if the federal minimum wage is raised to $15 per hour

Video by Stephen Parkhurst

Where $500,000 of retirement savings will last the longest

Your retirement savings can last a lot longer if you spend your golden years in a place where the cost of living is comparatively low. Mississippi, Kansas, and Oklahoma are some of the states where $500,000 would last longest, according to a new analysis from GOBankingRates.

Words you've heard: short squeeze 

A short squeeze happens when a stock's price suddenly jumps, and traders who had previously bet against that stock start buying shares to mitigate their own losses. The increased buying pushes the stock's price even higher. Analysts think a short squeeze contributed to video game retailer GameStop's recent 245% rise in stock price.

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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