President Donald Trump is pushing a larger stimulus package; jobless numbers were lower than expected; and shares of the cloud-based software company Snowflake jumped 111% at its IPO before slipping. Here's how the headlines could affect your money.
On Twitter on Wednesday, the president urged Senate Republicans to aim for "much higher numbers" in their coronavirus-aid negotiations. Republicans had proposed to spend well under $1 trillion, while Democrats are asking for at least $2.2 trillion.
A bipartisan committee of self-proclaimed "problem solvers" in the House are pitching a new stimulus bill of up to $1.5 trillion, including $280 billion for a second round of $1,200 stimulus checks.
Though it is not clear whether or not an agreement will be reached, some on Capitol Hill are hopeful. White House Chief of Staff Mark Meadows said on "Squawk on the Street" that he is "probably more optimistic about the potential for a deal in the last 72 hours than I have been in the last 72 days." And in a statement, Senate Minority Leader Chuck Schumer said he was "encouraged" by Trump's tweet.
Video by Stephen Parkhurst
Last week, 860,000 Americans submitted first-time filings for unemployment. This marks a slight improvement on estimates: Economists had forecast 875,000.
The U.S. lost 22.2 million jobs as a result of the virus and has so far recovered about half.
In its market debut Wednesday, the tech firm Snowflake closed up more than 111%. Snowflake, or SNOW, raised more than $3 billion based on its opening price, the most ever for a software company. Shortly after, they slipped.
Investing early in a company can be appealing, but experts preach caution. A 2019 analysis found most investments in new companies lose money after five years. To invest successfully, do your research, diversify your portfolio, and make sure you're in it for the long haul.
An initial public offering, or IPO, refers to the moment a private company begins selling stock to outside investors. After that, it's considered a public company, with shares tracked and traded on a major stock index.
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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