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House preps new stimulus proposal; demand for homes at 14-year high: Today's news and your money

Markets are steady, House Democrats have lowered their coronavirus bill to $2.4 trillion, and building supplies for new homes are running low. Here’s how the news can affect your money.

Speaker Nancy Pelosi, D-Calif., is pictured after a television interview in Russell Building on Friday, August 14, 2020.
Tom Williams | CQ-Roll Call, Inc. | Getty Images

After several rocky weeks, the markets are trying to find equilibrium; House Dems are preparing another, less expensive coronavirus bill; and demand for new homes is creating a building supply shortage. Here's how the headlines could affect your money.

Markets try to hold steady

The major indexes are attempting to stabilize: Thursday closed with the Dow up 0.2%, the S&P up 0.3%, and the Nasdaq up 0.4%, and Friday opened on an even keel. Stocks aim to stave off a fourth week of losses.

This month's tech-driven sell-off is a good reminder to keep your portfolio diversified.

Dems prepare pared-down coronavirus relief bill

House Democrats are preparing a $2.4 trillion coronavirus relief package, pared down from their original proposed budget of $3 trillion. It would include enhanced unemployment insurance, another round of stimulus checks, Paycheck Protection Program small-business loan funding, and airline aid. The House could vote as soon as next week. 

Market analysts hope that a signed, sealed, and delivered stimulus bill will boost markets and revitalize the economy. 

VIDEO3:4903:49
How to spend a stimulus check if you're unemployed

Video by Jason Armesto

Fierce competition for homes

It's a tricky time to try to buy a home. Construction supplies are running short, thanks to high demand for newly built houses. Existing-home prices are up as well: In August 2020, the median price of an existing home was at $310,600, an 11.4% increase over last year.

New home sales in August were at the highest level in 14 years, so prices might keep going up. 

VIDEO6:0906:09
Home office furniture worth splurging on

Video by Courney Stith

Words you've heard: The September Effect

The stock market often drops slightly in September, a phenomenon known as the September Effect, or the September Slump. Since 1901, the Dow has dipped an average of 0.89% every September. Theories for the phenomenon include a practice among some mutual funds to rejigger their portfolios in September and that investors might sell off after a summer lull. 

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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