Stocks cap a winning week, and a microchip shortage means cars are getting more expensive. Plus, unemployment problems for workers reaching the end of their "benefit year." Here's how the news could affect your money.
All three major U.S. indexes rose Friday on strong corporate earnings reports and promising consumer spending data.
The Dow and S&P closed at record highs for the second day in a row, capping a fourth consecutive week of gains. The Nasdaq has now posted three weeks of consecutive gains.
Markets are down as of Monday morning.
As the pandemic spread last spring, more than 24 million people applied for unemployment benefits between March and April, according to Labor Department data. As people hit the one-year mark of receiving benefits, some are seeing payment delays. A few states are requiring workers to file a new claim for benefits.
Typically, someone who reaches the end of their "benefit year" without finding work no longer qualifies for aid, but the American Rescue Plan extends eligibility through September.
Video by Stephen Parkhurst
High consumer demand and a manufacturing shortage of microchips have pinched new-car inventory across the country and pushed prices higher. The average price of a used car rose to nearly 13% in March to $23,000 compared to a year before, according to Edmunds.com. The average price for a new car rose to nearly $40,000.
That said, if you are looking for a new vehicle, the used car market may be the way to go, especially if you're looking for a steep discount on a newer model. The average 1-year-old used car costs a striking 17% less than its new version, according to data from iSeeCars.com. You could save over $10,000 — and in one case, more than $20,000 — by going with a lightly used model that's just one year older.
ESG stands for environmental, social, and corporate governance. These are the three areas on which sustainable investors — who aim to use money in their portfolio to make the world a better place — commonly assess companies when deciding how to invest. Ratings criteria vary, but generally, sustainable investors look for companies with policies and practices that support at least one of the three.
ESG funds took in $51.1 billion of net new money from investors in 2020 — more than double the year before, according to Morningstar.
Video by Helen Zhao
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: