Bitcoin bounces back, and so do the markets. Plus, states are offering lottery tickets, savings bonds, and other Covid vaccine incentives. Here's how the news could affect your money.
Stocks rose on Thursday after three days of losses. The S&P 500 gained nearly 1.1%, while the Nasdaq and Dow rose 1.8% and 0.6%, respectively. The rebound was fueled by a bump in technology shares and Thursday's below-expected level of unemployment claims.
As of Friday morning, markets were up.
Bitcoin traded above $40,000 on Friday morning, marking a resurgence after a turbulent week for the world's largest cryptocurrency. Its value had slid as much as 30% on Wednesday, to around $30,000. Economists say bitcoin's price fluctuation is a sign that a regulatory crackdown on cryptocurrency is imminent.
Ten states and Washington, D.C., are offering some kind of perk to entice residents to get the Covid vaccine. In West Virginia, recipients between ages 16 and 35 get a $100 savings bond, while in Ohio, anyone who gets their shot is entered in a lottery to win five $1 million prizes.
"If [the incentives] work, they're definitely worth the money," says Harold Pollack, a University of Chicago public health professor.
A corporate tax is a tax on the profits of a corporation. The money goes to fund government efforts. Many companies with significant U.S. operations have opened headquarters in "tax haven" nations to avoid paying the federal government's 21% corporate tax rate.
The Biden administration is currently proposing a minimum corporate tax rate of 15% for the entire globe, as well as increasing the U.S. corporate tax rate to 28%. Ireland, a favorite tax haven for U.S. tech giants, charges just 12.5%.
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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