After a big surge, the market reacts to House Speaker Nancy Pelosi's stimulus remarks; Vice President Mike Pence and Senator Kamala Harris spar in their debate; weekly jobless claims are higher than expected. Here's how the headlines could affect your money.
Stocks have been reacting to stimulus developments all week. President Donald Trump ended negotiations Tuesday afternoon via Twitter, then reversed course on Tuesday night, tweeting he wanted to green-light aid to certain sectors like airlines and small businesses as well as approve another round of $1,200 stimulus checks.
All three major stock indexes were up on Wednesday: The Dow had its best day since mid-July, up 530 points (1.9%), while the S&P 500 rose 1.7% and the Nasdaq, 1.9%. But the market lost some steam Thursday after House Speaker Nancy Pelosi's rejected the idea of having a standalone bill for airlines in the absence of a stimulus package.
The Department of Labor released its jobless report Thursday, showing that 840,000 Americans filed first-time unemployment claims the week ending October 3. This is higher than the analysts' predictions of 825,000 claims, but down from the 849,000 reported the previous week.
Claims have been above 800,000 every week since the start of the coronavirus pandemic.
Video by Courtney Stith
The sole debate between Pence and Harris took place Wednesday. The candidates covered a number of issues that could affect your wallet, including taxes, the economy, and the need to help everyday Americans during the pandemic. Read more on how the outcome of the election could affect the cost of health care as well as tax policy.
A session, sometimes called a trading session, refers to a single business day on which the stock market is open and active, allowing traders to take part in normal activities. Regular trading hours for the U.S. stock market are between 9:30 p.m. and 4 p.m.
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:
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- The recession has essentially ended' for some, but low-income earners are still bearing the brunt of the coronavirus economy
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