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Jobless claims reach fourth straight pandemic low: How the headlines could affect your money

Plus: How to claim your missing stimulus check.

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Markets dipped, and fewer Americans filed initial jobless claims. Plus, what to do if you still haven't gotten your stimulus check. Here's how the headlines could affect your money.

Stocks dropped on inflation news

Markets stumbled Wednesday as traders digested the largest year-over-year bump in inflation since September 2008. The Dow dropped 2% for its worst day since January. The S&P 500 lost 2.1%, its biggest one-day drop since February. The Nasdaq fell 2.7%.

The major indexes rebounded Thursday morning

Jobless claims improve for a fourth straight week

The number of Americans filing first-time unemployment claims hit yet another new pandemic low. Initial jobless claims totaled 473,000 for the week ending May 8, which is better than analyst expectations and an improvement from the previous week.

As more Americans get vaccinated and local economies reopen, experts say the job market is poised for a summer surge.

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How to claim your missing stimulus check 

More than 1.2 million Americans never cashed in on the $1,200 payments offered as part of the first stimulus package, the IRS says. Up to $2.1 billion wasn't disbursed because the intended recipients either didn't deposit the money or the checks were returned to the U.S. Treasury.

If you're still waiting, check the "Get My Payment" tool on the IRS website for a status update. You can also request it from the IRS by submitting a Form 1040 or 1040-SR by the May 17 tax deadline and filling in the "missing sum" entry on line 30. 

Words you've heard: deposit account

A deposit account is an account at a bank or credit union that provides easy access for you to deposit or withdraw money. Examples include checking and savings accounts and CDs. 

The Wall Street Journal reports that big banks such as JPMorgan Chase and Wells Fargo plan to launch a pilot program that uses customers' deposit account standing as a way to help financially responsible people without established credit be approved for a credit card.

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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