Wednesday,
July 17, 2024
Market recap
Dow Jones
40,954.48
+742.76 (+1.85%)
S&P 500
5,667.20
+35.98 (+0.64%)
Nasdaq
18,509.34
+36.77 (+0.20%)
Top Story
The White House wants to cap rent hikes
The Biden administration proposed another initiative to fight against housing unaffordability. But critics doubt it will work. Hereâs what you need to know.
The Dow Jones Industrial Average and S&P 500 hit record highs Tuesday
• The Dow also recorded its biggest daily gain in more than a year.
• The price of gold hit a record of more than $2,460 per ounce.
• Retail sales beat estimates in June, coming in flat where economists had expected a pullback.
• But homebuilder sentiment declined to the lowest level of the year in July, thanks to expectations for higher interest rates for longer.
What to be on the lookout for today
• Building permits and housing starts for June. Weâll also get the weekly update to the 30-year mortgage rate.
• In earnings, Discover Financial, Johnson & Johnson, and semiconductor company ASML Holding will report.
How to talk to your kids about money
School may be out, but the lessons you can give in financial literacy can be ongoing.
Teaching children about money matters from an early age can help establish a healthy relationship with their finances later on, including learning how to budget, avoiding credit card debt, and early investment guidelines.
Building good money habits
Hand over the cash. Having your kids earn an allowance can help teach money management skills, including budgeting and saving. You can also open a savings account for them to help them save up for something, and learn how banks and interest rates work.
Be an active shopper. Show your children price tags when youâre shopping so they can get a sense of the cost of living. For instance, add up all the ingredients for the weekâs meals and compare how much cheaper it is than eating out. Or if theyâre allowed to pick out a toy, set a spending limit to teach them about tradeoffs.
Where did all my money go? If your child is working, they may be surprised when they get their first paycheck. Explain state and federal taxes and why they should plan to regularly save a portion of their earnings.
Todayâs top stories
Is this the U.S.-China trade warâs strangest battlefield yet?The U.S. has imposed major tariffs on several key Chinese exports, including electric vehicles, solar cells, and⌠cheap mattresses?
Read more >> Major US cities are sinking â literallyMiami, New Orleans, New York, and San Francisco are undergoing land subsidence, threatening local infrastructure and property values.
Read more >> What is life insurance for children?Life insurance policies for adults are one thing, but for kids? There are several reasons people may take out a policy for their child, and investing is one of them.
Read more >>Other news that caught our eye
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Prime Day is a âmajorâ cause of worker injuries, according to preliminary results of a Senate Committee investigation into Amazonâs working conditions. On Prime Day 2019, the companyâs injury rate was nearly 50%. Amazon responded that the results ignore progress made since then.
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Speaking of Prime Day, phishing scams typically surge during retailersâ summer sales events. Be aware of lookalike websites, too-good-to-be-true social media ads, and suspicious emails.
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Uberâs new feature allows users to see average wait times and prices in more than 10,000 cities worldwide.
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Houston utility provider CenterPoint Energy is facing a lawsuit from a group of restaurants that lost power for several days after Hurricane Beryl, alleging the company failed to plan and conduct âreasonable power restoration efforts.â
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Microsoft cut a diversity, equity and inclusion (DEI) team, and the former team lead criticized the companyâs move.
Financial planner tip of the day
"Food, bills, rent, and everything else you must pay for on a month-to-month basis is an immediate need. Often people keep this moneyâalong with a cushion so as not to overdraft their accountâin a checking account."
Brian Walsh, CFPÂŽ at SoFi