Friday,
March 15, 2024
Market recap
Dow Jones
38,905.66
-137.66 (-0.35%)
S&P 500
5,150.48
-14.83 (-0.29%)
Nasdaq
16,128.53
-49.24 (-0.30%)
Top Story
Could immigration explain America’s strong labor market?
Economists at the Brookings Institution think so. The U.S. recorded far more net immigration than projected last year, as job growth outperformed. Here’s a look at the argument.
US stocks finished lower after another hotter-than-expected inflation report
• Wholesale prices rose more than expected in February, recording the biggest year-over-year increase since September.
• The U.S. 10-year Treasury yield jumped 10 basis points to 4.29% following the news as the market digested what another hot inflation report could mean for the Federal Reserve’s interest rate policy.
• February retail sales rose 0.6%, recovering from a steep decline in January, but still rising less than expected, while claims for unemployment benefits fell more than expected.
What to be on the lookout for today
• The ISM manufacturing PMI.
• In earnings, Groupon will report.
Did you know you can change your student loan repayment plan?
At the end of last year, student loan balances totaled $1.6 trillion, according to the Federal Reserve Bank of New York . So if you feel your student loans are weighing on you, you’re likely not alone, and there are steps you can take.
Changing your student loan repayment plan
If you’re struggling to make ends meet with your current repayment plan, there are options to help ease the burden.
If you have federal student loans, the government offers four income-driven repayment programs to help make payments more affordable: Income-Based Repayment (IBR), Pay as You Earn (PAYE), Income-Contingent Repayment (ICR), and Saving on a Valuable Education (SAVE).
Under these plans, your monthly payment is typically based on a percentage of your discretionary income.
If you aren’t sure of the best repayment strategy for your situation, you can use the Department of Education’s Loan stimulator tool .
You can apply for income plans through the Department of Education’s FSA website. These plans have income requirements in order to be eligible, so be ready to show proof, such as pay stubs or W2.
Today’s top stories
This type of fraud is costing retailers billions, and you might have to payRefund fraud scams, in which customers don’t return items after getting their money back, are becoming increasingly organized and complex. And it could soon start costing customers.
Read more >> College degrees are still worth it, even at their steep priceData shows college grads on average make far more money than their peers without degrees. But not all degrees are created equal.
Read more >> Can you use student loans to study abroad?Studying somewhere outside the U.S. can be a great opportunity to broaden your horizon, form life-long friendships, and further your education. When it comes to financing it, you have options.
Read more >>Other news that caught our eye
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Former Treasury Secretary Steven Mnuchin said he is assembling a group of investors to make a bid for TikTok after the House of Representatives passed a bill to force a sale of the Chinese-owned social media company.
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Amazon will host a “Big Spring Sale” on March 20-25 for Prime and non-Prime shoppers, offering discounts on seasonal items like outdoor furniture and spring apparel.
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SpaceX's third Starship rocket completed most of its hour-long test flight but was destroyed upon re-entering the earth’s atmosphere.
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President Joe Biden publicly opposed the proposed acquisition of U.S. Steel by Japan’s Nippon Steel, citing the importance of domestically-owned steel production staffed with American workers.
Financial planner tip of the day
“An integral part of financial wellness is having a cash reserve. Research shows that having cash to cover the unexpected has the biggest impact on financial stress, anxiety, and satisfaction.”
Brian Walsh, CFP® at SoFi