Markets rally at the end of the week. Fully vaccinated Americans should soon be allowed to travel to the European Union. Plus, more Americans put their stimulus checks toward savings. Here's how the headlines could affect your money.
The three major indexes gained ground Friday as investors shrugged off news that President Joe Biden wants to increase the capital gains tax. But the rebound wasn't enough to offset earlier losses. The Dow, Nasdaq, and S&P fell 0.5%, 0.3% and 0.1% for the week, respectively.
Markets were trading higher as of Monday morning.
Video by Helen Zhao
Americans fully vaccinated against Covid-19 should soon be able to travel to any of the 27 member states of the European Union, European Commission President Ursula von der Leyen told The New York Times over the weekend, who added that she is recommending a change in policy. (The vaccination will have to be approved by the European Medicines Agency, but all three vaccines used in the U.S. have earned that approval.)
Von der Leyen did not share an exact date when travel could resume. The EU largely shut down nonessential travel more than a year ago.
EU countries agreed this month to launch Covid-19 travel passes that would permit people who have been vaccinated against the disease, recovered from an infection, or have tested negative to travel more easily.
More Americans put some of their third and potentially final stimulus checks toward savings, according to recent Census Bureau data. When the agency asked people how they had used their $1,400 checks, nearly a quarter said they had put at least some of it toward savings or invested it. That was up 10 points from the previous two rounds.
More Americans also used the money to reduce their debt: Nearly 40% of Americans used at least some of their stimulus money to pay personal debt, compared to 31% during the second round in January and 23% during the first round last spring.
Traveling later this year? If your flight takes off after October 1, you'll need a Real ID to get past security. Real ID-compliant licenses have a star in the top right-hand corner, signifying you underwent a thorough vetting process to obtain your ID. Other Real ID-compliant documents include a valid U.S. passport and a Trusted Traveler card, among others.
Pandemic restrictions likely mean the process of getting your Real ID will take a while, so experts say you should schedule your DMV appointment to get one ASAP.
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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