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Tesla buys $1.5B worth of bitcoin, and Democrats propose stimulus for parents: How the headlines can affect your money

Plus, Janet Yellen says Biden's $1.9 T stimulus could get the U.S. back to full employment by 2022.

Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC.
Win McNamee | Getty Images

Markets post their best week since November, and House Democrats plan to propose new stimulus for households with children. Plus, Tesla buys $1.5 billion worth of bitcoin. Here's how the headlines could affect your money.

Markets post best week since November

All 3 major indexes rose Friday, posting their best week since November. The S&P and Nasdaq both closed at record highs. For the week as a whole, the S&P jumped 4.7%, while the Dow gained 3.9% and the Nasdaq 6%.

Markets were up as of Monday morning.

House Democrats to propose Covid relief for families

Democrats in the House of Representatives have unveiled a plan to send families up to $3,600 per child as part of President Joe Biden's $1.9 trillion Covid stimulus package, according to a new proposal. The legislation would provide $3,600 for children under 6 and $3,000 for children under 18, distributed over the course of a year.

Payments would phase out for individuals making more than $75,000 and couples making $150,000.

Tesla buys into bitcoin

The value of bitcoin surged to record highs Monday after Tesla announced that it had bought $1.5 billion worth of the online currency and that it would begin accepting it as payment. 

Investors interested in the volatile crypto market should proceed with caution, however, and only invest a small amount if you have some extra money to play with. "Invest in funds you won't need for at least a decade," says Erika Safran, a CFP and principal at Safran Wealth Advisors. "Why? You will either be very rich, or you won't be despondent about your losses."

Experts: Retail investors are taking on too much risk. Do this instead

Video by Helen Zhao

Words you've heard: long-term unemployment

People who have been out of work 6 months or longer are considered long-term unemployed. That included nearly 40% of jobless workers in January, according to the government's jobs report. That's almost 4 times as many as 6 months ago.

Treasury Secretary Janet Yellen said Sunday that the U.S. could reach full employment by 2022 if Congress passes President Joe Biden's $1.9 trillion Covid stimulus package.

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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