Happy Friday everyone! Today is May 22 and we are reading that the market fell again amid U.S.-China trade tensions, though it is still up big for the week. We also see that cities are letting restaurants set up tables in streets and parking lots to ease virus restrictions and offices could be emptier in the future as people work from home. We also have some tips for how to be prepared for a financial emergency and we read why the interest rate on your high-yield savings account goes up and down.
Stocks dipped on Friday as tensions between China and the U.S. offset the increasing optimism around a potential coronavirus vaccine.
A growing number of cities, from Cincinnati to the Atlanta suburbs, are taking space not usually allocated for dining and simplifying the process for restaurants to put it to use. In Connecticut, Gov. Ned Lamont issued an executive order to streamline permitting for outdoor dining.
The future for office commercial space looks increasingly uncertain, as more and more people work from home and some employers consider making it a permanent arrangement — even after the pandemic. Transactions for office leases or sales are already significantly lower this year compared to a similar period in 2019, according to data from real estate companies.
If you opened an online savings account because it had a high interest rate, you may have noticed recently that the rate has dropped some. A savings account’s annual percentage yield, or APY, determines the amount of interest you earn in a year. This is an important number to look at when choosing a high-yield savings account. The higher the account’s APY, the faster your savings will grow. Yet the percentage is always fluctuating.
It’s smart to be financially prepared for an emergency. With more than 38 million Americans out of work since the coronavirus pandemic began, that has never been more apparent. However, being ready is more than simply having emergency savings in place. Instead, think of it as your financial first-aid kit.