It is Friday, May 29 and another week comes to a close. The market has fallen some ahead of Trump’s China news conference, though it’s still headed positive for the week. We also see that the U.S. savings rate hit a record 33% as the coronavirus is causing Americans to stockpile cash and curb spending. In addition, oil is on track for its best month ever, the pandemic has transformed the financial client/advisor experience and we read why it’s important to open a credit card at age 18. Happy reading everyone and enjoy your weekend!
Stocks were lower on Friday as traders braced for an upcoming news conference on U.S.-China relations from President Donald Trump.
The coronavirus crisis has Americans hoarding more money than ever before as widespread fear paralyzes consumer spending habits. The swiftness and severity of economic recovery in the U.S. hinges on whether consumers continue to stockpile cash or start to spend again.
Oil came under pressure on Friday, the last trading day of month, but it’s still on pace to post its best month in history as an uptick in demand as well as record supply cuts have pushed prices higher.
The coronavirus pandemic has forced businesses of all kinds to rethink how they work and interact with customers. Financial planning is no different.
Young adults have enough to worry about without giving second thought to their credit scores. Yet that three-digit number can have a big impact on your financial life, and the better your score, the easier it will be to lease your first apartment, buy a car and even embark on a new career, as employers frequently check your score before you’re hired.