Tech stocks continue to recover while the House Problem Solvers Caucus has put a new stimulus proposal on the table. Here's how the latest headlines could affect your money.
The S&P 500 and Dow were both up Wednesday morning as traders look ahead to the Federal Open Market Committee update later in the day. Experts don't expect any change in interest rates. Traders will watch for guidance on the Fed's next steps and its expectations for economic recovery. The news itself could move the market.
Republicans and Democrats have been at an impasse for months. Aiming to restart negotiations, the House Problem Solvers Caucus released a bipartisan coronavirus relief plan Tuesday. The $1.5 trillion proposal includes $450 per week in federal unemployment benefits for eight weeks and direct payments to American workers. Experts say it's unclear whether the proposal can gain traction.
Still, a new stimulus bill of some kind remains a priority. Though the House of Representatives' next recess begins October 2, Speaker Nancy Pelosi told Democrats Tuesday that lawmakers will remain on call until both parties have come to an agreement, according to The Washington Post.
Video by Stephen Parkhurst
U.S. consumer spending may have slowed in August. Core retail sales fell 0.1% after rising 0.9% in July, according to the Commerce Department. This category excludes automobiles, gasoline, building materials, and food services. Overall retail sales increased 0.6% in August.
Extended unemployment benefits ended in July, which economists estimate cut nationwide income by $70 billion in August. That may have meant a lot of people had less money to spend.
The Nasdaq Composite is one of the big three stock market indexes, tracking more than 3,000 stocks. Half of the index comprises tech companies, which led the market's remarkable decade-long growth throughout the 2010s.
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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