Thursday,
March 28, 2024
Market recap
Dow Jones
39,760.08
+477.75 (+1.22%)
S&P 500
5,248.49
+44.91 (+0.86%)
Nasdaq
16,399.52
+83.82 (+0.51%)
Top Story
What’s the economic impact of the Baltimore bridge collapse?
A cargo ship collision led to the tragic collapse of Baltimore’s Francis Scott Key Bridge. The aftermath of the collapse also has an economic cost, affecting automakers and sugar refiners.
The S&P 500 to a fresh record close as US stocks rose across the board
• The Japanese yen hit a 34-year low against the U.S. dollar, driving speculation that the Bank of Japan could potentially intervene to bolster its currency.
• The average 30-year mortgage rate decreased to 6.93% last week.
What to be on the lookout for today
• Final numbers for fourth-quarter GDP and weekly unemployment claims.
Waiting for volatility in currency markets
Foreign exchange markets aren’t always top of mind for investors, but when they are, there’s often a deeper story.
Just last week, the Japanese yen made headlines when it dropped to a four-month low against the U.S. dollar after the Bank of Japan abandoned its negative interest rate policy and hiked rates for the first time in 17 years.
Usually, a currency would be expected to strengthen when a central bank raises rates, but that hasn’t been the case for the yen.
Today’s top stories
Another study tells us child care benefits make parents better workersIt’s a win-win for companies and parents when child care becomes a corporate benefit, according to a new study. And the return on investment is measurable.
Read more >> You do you — why side hustles can workContent creator Corporate Natalie talks about side hustles and doing what you love on SoFi’s YouTube series Richer Lives.
Read more >> The value that might be lurking in your homeSpring [cleaning] is in the air and you might be clearing a few things out at home. But before just giving things away, consider whether the items you want to get rid off may be valuable.
Read more >>Other news that caught our eye
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Hulu officially launched on Disney+ as an add-on, for an additional $2 per month.
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NCAA President Charlie Baker called for a ban on proposition bets on all collegiate sports after several coaches and athletes were implicated in illegal betting.
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GameStop cut an undisclosed number of jobs amid a sharp decline in revenue.
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Moderna announced supportive trial results for three experimental vaccines as it seeks to expand product offerings to offset waning demand for its COVID vaccine.
Financial planner tip of the day
"If you have savings that is not currently earmarked for a specific financial goal, take some time to think about what goal you’d like to apply it to. A great first saving goal is to have three to six months of living expenses in an emergency fund. After that, it might be good to turn your attention toward retirement savings and investing."
Brian Walsh, CFP® at SoFi