The Dow and S&P close at record highs as Covid relief checks start hitting Americans' bank accounts. Plus, why you may never have to worry about springing your clock forward again. Here's how the headlines could affect your money.
Both the Dow and the S&P 500 closed Friday at record highs. The Nasdaq fell 0.6% Friday, but despite the loss gained 3% for the week overall. The Dow and S&P were up 4% and 2.6% for the week, respectively.
Markets were flat Monday morning.
The first batch of $1,400 stimulus checks from the $1.9 trillion American Rescue Plan began arriving over the weekend, just a few days after President Joe Biden signed the legislation. The IRS has said that many direct deposit payments will have an "official payment date" of March 17.
If you didn't receive your money via direct deposit over the weekend, you can check the IRS Get My Payment website for a status update.
Video by Helen Zhao
Take some time to consider how best to use those funds. "Your typical family of four might be bringing in $10,000 this quarter, between the January stimulus, the March stimulus, and the typical tax refund," Ted Rossman, an analyst at CreditCards.com, recently told Grow.
Rossman and other experts suggest using the extra cash to improve your overall financial health by paying off high interest debt or padding your savings.
Are you still mourning the hour of sleep you lost when we sprang our clocks forward for daylight saving time this weekend? Don't fret: We may never do it again.
A bipartisan group of U.S. senators led by Marco Rubio (R-Florida) has introduced the Sunshine Protection Act, which would make daylight saving time permanent. Several states have already made daylight saving permanent in recent years, but they require federal approval to put the change into effect.
Moving the clock forward has previously been linked to various deleterious effects, from more car accidents and heart attacks to overall lower productivity.
Consider reclaiming some of that hour by outsourcing a chore or two: Harvard research has found that spending as little as $40 on an expense that saves you time will make you happier than spending that money on "stuff."
The Transportation Security Administration screened more than 1.3 million travelers Friday, the most in a single day since March 15, 2020. TSA screenings have become a useful proxy to measure the dip in travel during the pandemic. At its slowest point in April 2020, TSA screened just 87,000 travelers in one day — 4% of what it had the year before.
The Centers for Disease Control and Prevention continues to discourage discretionary travel, even for people who are fully vaccinated.
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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