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Markets rally as President Biden signs $1.9 trillion American Rescue Plan: Here's how the headlines can affect your money

Plus, the president will direct states to make every adult eligible for a vaccine by May 1.

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President Joe Biden gestures as he speaks on the anniversary of the start of the Covid-19 pandemic, in the East Room of the White House in Washington, DC on March 11, 2021.
Mandel Ngan | AFP | Getty Images

Markets rally to record highs, and now that President Joe Biden has signed the $1.9 trillion American Rescue Plan, many Americans will receive stimulus checks soon. Plus, Biden will direct states to make every adult eligible for a vaccine by May 1. Here's how the headlines could affect your money.

Markets rally on stimulus sentiment

All three major indexes climbed Thursday. The Dow hit a new intraday high and rose 0.6% for the day, while the Nasdaq rallied 2.5%. The S&P 500 rose 1%, hitting a new record closing high. 

"The stimulus is beating the virus at least as far as the market is concerned," Scott Ladner, chief investment officer at Horizon Investments, told CNBC.

Markets were mixed Friday morning as traders watched the yield on the benchmark 10-year Treasury note climb to its highest level in more than a year. 

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Americans may receive stimulus checks 'as soon as this weekend'

Biden signed the American Rescue Plan into law Thursday afternoon. That means a third round of stimulus checks, worth up to $1,400 per person, will go out to most Americans. To see if you qualify for the full amount, use our stimulus check calculator.

Stimulus checks could start hitting bank accounts "as soon as this weekend," White House Press Secretary Jen Psaki said at a press conference Thursday. People with direct deposit information on file with the IRS will be among the first to receive the funds. 

All adults will soon be eligible for the Covid-19 vaccine 

All states should make every adult eligible to get a vaccine by May 1, the president announced Thursday. He also said he anticipates that Americans will be able to gather in small groups by the Fourth of July holiday.

The federal government has said the vaccine will be free for all Americans whether or not they have health insurance. Insurers or the federal government will cover any fee providers charge to administer the shots.

Use Grow's calculator to determine how much stimulus money you could be eligible for.

Words you've heard: 10-year Treasury yield 

A Treasury yield is the return on investment in the U.S. government's debt obligations. A 10-year Treasury yield is often watched as a sign of investor sentiment about the economy.

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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