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Warren Buffett confirms Greg Abel as Berkshire Hathaway successor: Here's how the headlines could affect your money

Vice chairman Charlie Munger told investors, "Greg will keep the culture."

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Warren Buffett at Berkshire Hathaway's annual meeting in Los Angeles, California. May 1, 2021.
Gerard Miller | CNBC

Markets gain for April, Greg Abel will succeed Warren Buffett, and President Joe Biden calls for a $15 minimum wage. Here's how the headlines could affect your money.

Markets wrap up April gains

The major indexes slipped Friday. The S&P 500 declined 0.7%, the Dow shed 0.5%, and the Nasdaq dropped 0.9%. Even so, the market gained for April overall. The S&P rose 5.25%, the Dow, about 2.7%, and the Nasdaq, 5.4%.

The markets rose Monday morning

Warren Buffett's successor revealed

Investors have been speculating for more a decade about who will take over Berkshire Hathaway when Warren Buffett, 90, is no longer CEO. During a Q&A session at the company's annual meeting Saturday, they got an answer: Greg Abel, vice chairman for Berkshire's noninsurance operations.

Buffett's right-hand man, vice chairman Charlie Munger, inadvertently made the reveal, telling investors, "Greg will keep the culture."

Buffett later confirmed to CNBC that Abel is next in line for the job: "The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning."

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Why Warren Buffett prefers passive investing

Video by Courtney Stith

Biden renews calls for $15 federal minimum wage

Last week, Biden signed an executive order raising the minimum wage for federal contractors to $15 an hour. He called on Congress in his speech Wednesday, and again on Twitter over the weekend, to "make a $15 minimum wage the law of the land for every American."

Currently, the federal minimum wage is $7.25 and has not gone up in over a decade, though more than half of states have set their minimum wages higher. 

Words you've heard: 'Sell in May and go away'

Summer has a reputation for being weak for the market. Some investors shift strategies to reduce risk between May and October, a trend Wall Street calls "sell in May and go away."

That said, the S&P 500 is up 11% so far this year, and investors don't seem to be making for the exits.

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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