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Dow makes historic gains, Powell supports extending CARES Act programs: How the headlines could affect your money

The Dow saw its biggest gains in November since 1987.

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The Dow had a great month and Jerome Powell wants to extend Fed lending programs. Here's how the headlines could affect your money.

The Dow's best month since 1987

The major indexes fell on Monday, but the Dow still saw its biggest monthly gains in November since 1987. It rose 11.8% as Covid-19 vaccines made headlines.

The S&P 500 climbed 10.8% and the Nasdaq rose 11.8%, their biggest monthly gains since April. The Russell 2000 rose more than 18% in November for its best month ever.

The Dow, the S&P, and the Nasdaq all started strong on Tuesday morning, with the latter two hitting all-time opening highs. 

Powell to testify about the CARES Act

Federal Reserve Chairman Jerome Powell will appear on Capitol Hill on Tuesday to testify about the effectiveness of CARES Act programs to prop up the economy during the pandemic.

Powell will stress the importance of lending programs like those to states and small- and mid-size businesses, which are set to expire on December 31, saying they should be extended until next year.

Treasury Secretary Steven Mnuchin, who will also appear on Capitol Hill this week, has said legislation does not permit the programs to be extended

Keep your information safe this Cyber Week

Consumers may have spent between $10.8 and $11.4 billion online on Cyber Monday, according to projections by Adobe Analytics. That would make November 30 the largest online shopping day in U.S. history.

Taking advantage of online deals? Keep your data safe by using different passwords, shopping at secure websites (look for "https:" in the URL), and paying with a credit card, which offers more protections.

VIDEO1:5001:50
How to spot a phishing scam

Video by Ian Wolsten

Words you've heard: Phishing scam

A phishing email scam appears to be from a reputable source and entices recipients to share personal information. Avoid falling prey to phishing scams this Cyber Week by checking sender email addresses, scanning for grammar and spelling mistakes, and taking note of anything else suspicious before clicking any links.

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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