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

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.

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.

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.

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."

^{Video by Helen Zhao}

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.

More from Grow:

• To get hired this year, highlight these skills, according to experts from Monster
• The stock market should work for 'everyday people,' say AOC and Reddit founder Alexis Ohanian
• Congressional Democrats propose raising the minimum wage to $15 an hour by 2025