Unemployment claims drop; CDC bans evictions: What today's news means for your money

Apple led the market lower Thursday. Meanwhile, weekly unemployment claims fell and the CDC announced an eviction ban.


Unemployment claims are back below 1 million, and the CDC is banning evictions through 2020. Here's how the headlines could affect your money:

Stocks reverse a record-setting session

The major indexes fell Thursday morning, prompted by big losses in technology shares — notably, Apple.

The reversal comes after the Dow closed above 29,000 points Wednesday for the first time since February, putting it about 1.5% shy of its February 12 record high. The S&P 500 and Nasdaq both closed at new record highs, too.

Ignoring the news when the market has a bad day is often easier said than done, so take some time to revisit your plan. "Remember that investing for the long term is just that. Long term," certified financial planner Chris Briscoe, a vice president and wealth advisor at Girard, told Grow.

Stay the course: Why keeping calm is the best investment strategy

Video by David Fang

Unemployment claims better than expected

Jobless numbers dropped to 881,000 last week. Thursday's numbers beat economists' expectations of 950,000 claims. 

Investors are waiting on the big August jobs report Friday. Economists expect it to show a gain of 1.3 million jobs, and surprises there could move the market. 

CDC bans evictions

In an unprecedented move, the Centers for Disease Control gave an order Tuesday banning evictions through the end of the year. This could prevent as many as 40 million Americans being evicted from their homes. Renters must meet certain qualifications, including proof they have suffered financially due to the pandemic. 

The CDC order goes beyond the eviction moratorium under CARES Act, which expired at the end of July.

Words you've heard: GDP

The GDP, which stands for gross domestic product, is the total monetary value of all goods and services produced in a country's economy over a specific time period. It's arguably the most important indicator of the health of the economy.

Expect to hear more about GDP in the days to come. The Congressional Budget Office announced Wednesday that in 2021, the amount of federal debt could exceed GDP for the first time since World War II, potentially slowing down the economy.

What is GDP and why is it important?