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Dow rises, Senate considers 'skinny' stimulus bill: What today’s news means for your money

The Dow is recovering after its tech sell-off; Senate Republicans have proposed a "skinny" stimulus bill; and relocating during Covid-19 could complicate your taxes. Here's what today's headlines mean for your money.

Senate Majority Leader Mitch McConnell (R-KY).
Joshua Roberts | Reuters

The Dow is up 500 points and the Senate plans to put a new "skinny" stimulus bill to a vote. Here's how the headlines could affect your money.

The Dow rises 500 points

The Dow Jones Industrial Average traded 500 points higher, or 1.8%. The S&P 500 jumped 2.1% and the Nasdaq advanced 2.7%. It's recovering from losses on Tuesday, when a tech sell-off dragged the market down. 

Senate to vote on a small stimulus bill

Senate Majority Leader Mitch McConnell is preparing to put the latest pared-down stimulus bill to a vote. The "skinny" bill will cost less than the $1 trillion Senate Republicans proposed in July. It includes $300 a week in enhanced unemployment benefits, legal protections for businesses, and some health-care funding. There's no money to help state and local governments or for stimulus checks, though, and pundits say it's unlikely to pass.

VIDEO3:1603:16
How to pay taxes as a freelancer

Video by David Fang

The pandemic could complicate your taxes

If you're one of the many Americans who've relocated during the coronavirus pandemic, either temporarily or permanently, you may end up having to file two different state tax returns, though this does not mean you will be double-taxed. Before filing your 2020 taxes, talk to a professional to make sure you're covering all of your bases.

Words you've heard: Domicile 

Domicile is a tax term that refers to the primary place where you live and where you are responsible for paying taxes. Your domicile is where your permanent home is located or the place you intend to return to after being away for vacation or on business. 

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. Check out stories on Acorns + CNBC's website Grow to get smarter about your money and find the latest money news every day right here.

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