Markets were up as stimulus talks resumed; fewer Americans needed pandemic-related mortgage forbearance; and digital nomads can get 1-year visas to work remotely from Bermuda, among other places. Here's how the headlines could affect your money.
At market close Thursday, all the major indexes were up: The Dow reached its highest level in a month on hopes of another coronavirus stimulus package.
Despite market fluctuations on various stimulus-related developments, including Trump's about-face on postponing talks and House Speaker Nancy Pelosi saying she wouldn't back standalone airline aid, all three benchmarks were tracking for strong weekly gains.
Pelosi resumed talks Thursday with Treasury Secretary Steven Mnuchin. On Friday, Trump said that he wanted to up Mnuchin's most recent $1.6 trillion bill proposal to $1.8 trillion. Also on Friday, Trump said on Rush Limbaugh's radio show, "I would like to see a bigger stimulus package frankly than either the Democrats or the Republicans are offering." The Democrat-led House of Representatives passed a $2.2 trillion stimulus bill on October 1; the Republican-led Senate has not yet voted on it.
Democrats, Republicans, and the president have all said that they're on board with an additional individual up to $1,200 stimulus check and weekly enhanced unemployment assistance.
U.S. homeowners seem to be in better financial shape. The number of mortgages in active forbearance due to the coronavirus dropped by 18% last week, according to mortgage data analytics firm Black Knight. "These are clear signs of long-term improvement," says Black Knight economist Andy Walden.
As of August, a quarter of Americans were working remotely full time during the pandemic, according to the Dallas Fed, and they could log on from almost anywhere.
Happily for those with wanderlust, several nations are welcoming American digital nomads, including Barbados, Bermuda, and the nation of Georgia. Do your research; some nations have a minimum income requirement.
Video by Courtney Stith
A mortgage forbearance is a temporary loan postponement offered by the lender. It lets the borrower lower or pause payments, but it does not lower the mortgage amount. As part of the CARES Act, some borrowers whose finances were affected by the pandemic were entitled to mortgage forbearance.
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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