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.
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