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Record S&P 500, stimulus bill progress: What today's news means for your money

A second stimulus bill could be on the way. Plus, Walmart and Home Depot beat earnings expectations, pushing the S&P 500 to a record high during the trading day.

Twenty/20

Retail earnings and stimulus speculation are making news today. Here's how the headlines could affect your money.

Walmart, Home Depot beat earnings expectations, helping propel the S&P 500 to a new record

The stock market got off to a strong start Tuesday after Walmart and Home Depot reported better-than-expected earnings before the opening bell. 

Second-quarter earnings expectations were low for most industries, because many consumers were home and not spending. But analysts predicted these retail giants would fare well.

"I've followed Home Depot for 20, 20-plus years … I've never seen a quarter like this," Brian Nagel, senior research analyst at Oppenheimer, told CNBC Tuesday.

The market's reaction briefly pushed the S&P 500 to a new intraday high and helped propel it to a new closing high. That record effectively wipes out the benchmark index's losses due to the pandemic and marks the end of the shortest-ever bear market. The S&P is now officially in a bull market.

Senate could propose new bill for coronavirus relief, USPS aid

Over the weekend, White House Chief of Staff Mark Meadows told CNN's "State of the Union" that President Donald Trump would be open to signing a limited stimulus bill that included aid for the struggling U.S. Postal Service.

Senate Republicans could introduce such a package Tuesday, according to Politico. The bill is expected to include $10 billion for the U.S. Postal Service, funding for the Paycheck Protection Program, and enhanced unemployment benefits of $300 per week until late December. 

Notably absent from early reports: a second stimulus check, though both parties have previously said they agree on the need for one

Consumers build up savings

More than 1 in 5 Americans (22%) have saved at least $1,000 this summer, according to MassMutual. A key reason: Almost half, 47%, of those surveyed say the pandemic has meant they are spending less than they did this time last year. 

It's a good nudge to revisit your budget if you haven't done so recently. Even small spending adjustments can help you make strides toward your financial goals. 

VIDEO1:2101:21
How reverse budgeting can relieve money stress

Video by Courtney Stith

Words you've heard: Intraday high

An intraday high is a record set for a security or index during regular trading hours for the stock market. Traders pay close attention to intraday price changes, highs, and lows. But for long-term investors, closing prices can be a better way to track performance. 

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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