Investors dumped stocks as the number of new coronavirus cases soared across America and the world and the uncertainty of the upcoming election took a toll. Several economic numbers showed improvement for the third quarter and big tech companies continue to thrive in the stay-at-home economy. Let me catch you up on the events of the week and give you a way to save on health insurance as we enter the open enrollment period in November. I’m Jordan Goodman, America’s Money Answers Man and this is the Money Answers Week in Review.
Stocks fell by their sharpest amount all year as the hopes that the virus would wane and a vaccine would arrive soon faded. Stocks that rely on people travelling fell the most in such industries as airlines, hotels and cruise lines. The companies that benefit from people staying home all reported strong earnings and saw their stocks surge. That included Facebook, Amazon, Apple and Google. Investors are clearly concerned about the outcome of next week’s election and the possibility that there will not be a clear outcome on election night or soon thereafter.
The number of new coronavirus cases is exploding to over 80,000 a day. There have now been over 8.8 million cases and over 230,000 deaths in America.
Economic numbers got a bit better as the number of initial jobless claims fell to 751,000 from 791,000 last week. The GDP soared 7.4%, which is a 33% annual rate, in the third quarter. That’s the biggest gain in American history. Housing activity surged 59% and durable goods jumped 82% as people bought cars, appliances and other long lasting machines. But the economy has clearly weakened from that pace in the 4th quarter since the economic stimulus ran out at the end of July.
Starting November 1, you have the choice to switch health insurance plans so it’s time evaluate whether you have the best plan for your needs and budget. Take a look at my affiliate eHealth insurance to compare plans from 180 traditional insurance companies. Or look into Health Sharing withy MediShare or US Health Share where you make a contribution and your bills are paid by other’s contributions if there is not enough money in your account. Find out more about e Health Insurance, Medishare and US Health Share in the links in the video description.
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 October 30.