Stocks calm after an earlier plunge
Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.
The stock market was calmer Wednesday, but on Tuesday it had quite a ride.
Stocks plunged Tuesday?as the value of treasuries continued to grow. The Dow Jones Industrial Average dropped 430 points, erasing what was left of the gains it had accrued this year. The S&P 500 slipped 1.4%, reaching its steepest trough in four months. And the tech-centric Nasdaq lost the most of any market metric, ticking down 1.9%.
Bonds were the key driver of the fall, with the yield on 10-year treasuries inching up to 4.79% from 4.69% the day before after word came that the U.S. had more job openings than previously projected. Investors have been flocking to bonds, as the Fed signals that its key interest rate will stay high as it continues its efforts to curb inflation.
But as of Wednesday morning, stocks were making a small rebound. The S&P 500 rose a slight 0.4%, Nasdaq was up 0.7%, and the Dow Jones Industrial Average gained 0.2%.
No justice no pea(nuts)
There's a lot of negotiating going on in the airline world as pilots, flight attendants and other unionized workers wrangle with several carriers over new labor agreements. So what does that mean for passengers?
USA TODAY's Cruising Altitude columnist Zach Wichter breaks it all down. The short answer is that even a strike authorizations isn't automatically a reason for flyers to freak out. Airlines and their flight crews typically work really hard to find a middle ground to keep operations going. Plus the Railway Labor Act mandates a variety of steps, including mediation, happen before airline workers can legally walk off the job.
But strikes are still possible, so it's not a bad idea to keep an eye on negotiations as you make your travel plans.
Is the American Dream dead?
It's becoming harder for many to believe in that cornerstone of American identity, the American Dream. Young people are burdened by student loan debt and home ownership often feels out of reach. Meanwhile, many older Americans are working longer to afford their bills and to fill holes in their financial safety nets as pensions disappear.
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A series of stories and columns by USA TODAY reporters highlights how tenuous the so-called American Dream has always been and continues to be. But it also chronicles how a younger generation is redefining what it means to be financially stable and fulfilled. ????
"I will be so cheap with certain things, where I’m not even willing to spend an extra dollar," Gloria John, a 21-year-old health screening coordinator in San Antonio, Texas, told USA TODAY reporter Claire Thornton. "But then there’s other things that I’m very willing to put money into because I think it’s worth it."
?? More stories you shouldn't miss ??
First people, now packages: Uber has a new feature that will enable you to use it to return your unwanted packages, ferrying them to the U.S. Post Office, FedEX or UPS for a small fee.
The 400 richest Americans: Elon Musk and Jeff Bezos top the Forbes list.
Medicare, SNAP changes, student debt: October may prove to be a pivotal month for many Americans' pocketbooks.
???Today's Menu???
Wednesday is National Taco Day and Taco Bell has a deal that will keep on giving, with rewards members able to get 30 days of tacos for the discounted price of $10.
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Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
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