The three major indexes were up Thursday. It was the first positive day in three for the Dow and Nasdaq. But stocks fell Friday morning over concerns about the economic recovery, from both rising coronavirus cases and funding for several Federal Reserve programs.
Treasury Secretary Steven Mnuchin announced Friday morning that Republican leaders aim to draft a targeted stimulus package and meet with Democrats to negotiate in the coming weeks.
This would be the first relief effort since the CARES Act was passed in March. Democrats, who have approved a $2.2 trillion package in the House, argue for extending unemployment benefits and the Paycheck Protection Program, and funneling money to state and local governments. Republicans, who have tried to pass a $500 billion "skinny bill" in the Senate, would prefer to spend less on relief efforts and offer vaccine distribution funds and another round of PPP for "hard-hit small business," according to Senate Majority Leader Mitch McConnell.
More than 20% of homes in the U.S. are selling above their initial asking price, according to a Zillow report. The median price of residential properties in September 2020 rose 11% compared to last year, to $277,000.
Usually the real estate market picks up in spring, peaks in late summer, and slows down in fall. This year, prices were still peaking in September and October, making it a seller's market.
A seller's market is one in which the seller has more power than the buyer. This occurs when there is more demand for the service or good than there is supply.
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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