The stock market continued to move up as positive results from Covid vaccine trials were released by major drug companies. While the prospects for relief in the future improved, the current situation remains dire, as the number of cases and deaths is soaring to one record after another. Unemployment numbers got worse while the housing market remains super hot. Let me catch you up on the events of the week and show you a way to earn significant cash back whenever you buy everyday items. I’m Jordan Goodman, America’s Money Answers Man and this is the Money Answers Week in Review.
The stock market keeps moving higher on more and more positive test results on vaccines. Moderna says its vaccine is 95% effective and Pfizer submitted its application for approval of its vaccine to the FDA. If approved as looks likely, the Pfizer vaccine could start to be distributed within weeks. Investors think that if we can get an effective vaccine against the coronavirus in the next few months, the economy will be able to recover sharply as normal activities resume.
The number of new coronavirus cases is skyrocketing to over 165,000 a day. There have now been over 11.5 million cases and over 250,000 deaths in America.
The number of initial jobless claims rose to 742,000 from 711,000 last week. Many states are forcing shutdowns to curb the spread of the virus. With no new stimulus likely from Congress anytime soon, lots of Americans are feeling a great deal of economic pain. Even so, Treasury Secretary Steven Mnuchin declined to extend several federal emergency lending programs beyond December 31 that have been helping companies and municipalities borrow to survive. Home sales jumped 4.3% from the previous month to a 14 year high of a 6.85 million annual rate. October sales were 26.6% higher than October 2019. A combination of low mortgage rates and low inventory of homes for sale has created bidding wars for homes similar to what happened around 2006.
If your income has taken a hit like many other Americans, you should take full advantage of all of the programs that pay you cash back up to 20% of the amount you spend on everyday items. Three of my affiliates Earny, Ibotta and Swagbucks, pay you cash back when you buy groceries, clothing, travel and much more. You can also earn gift cards and cash for doing everyday tasks online like searching the internet, watching videos and taking surveys. Click on the links for Earny, Ibotta and Swagbucks in the video description to find out what they offer.
I want you to have the tools and knowledge to navigate these very tricky times so you can improve your personal finances. I’m Jordan Goodman and this has been the Money Answers Week in Review for the week of November 20.