A look at the events that are sure to make the market move next week — the final week of 2019!
Illinois is ringing in the new year by legalizing pot. On January 1st, residents that are at least 21 years old will legally be allowed to possess up to 30 grams of marijuana flower, 5 grams of cannabis concentrate and products infused with half a gram of THC. Non-residents will be allowed to purchase half of those amounts. Stores are planning to open their doors as early as 6am Wednesday to manage the anticipated rush.
Next week is a big travel week as the holiday season comes to a close. AAA says a record 115.6 million Americans will have traveled between December 21st and Wednesday, January 1st. More than 90 percent will travel by car, the most on record. But AAA doesn't expect many delays from the influx in travelers — unless you're in big cities like New York or Washington DC. Traffic in those cities will triple next week.
There's also been a 5% jump in air travel, the biggest year-over-year increase since AAA began tracking this data in 2000.
Not everyone was happy with their holiday presents this year. On January 2nd, National Returns Day, people are expected to deposit 1.9 million packages according to UPS. That's an increase of 26% from last year. Thursday is set to mark the seventh consecutive record National Rreturns Day, following growing e-commerce gift purchases. A rise in returns spells out bad news for retailers, costing up to millions of dollars in lost sales.
In his second day of testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell reiterated that the board is considering more interest rate hikes.
The government will require heavy trucks and buses to include automatic emergency braking equipment within five years, the federal traffic safety agency said Thursday, estimating it will prevent nearly 20,000 crashes save at least 155 lives a year.
The Food and Drug Administration on Thursday said it has sent warning letters to dozens of retailers selling fruit- and candy-flavored disposable e-cigarettes, including the current best-selling brand, Elf Bar.
Whether your credit card has declined or if you had difficulty splitting a bill at an outing, those awkward financial moments can get the best of us. Bobbi Robell, founder of Financial Wellness Strategies and author of "Launching Financial Grownups," joined Cheddar News to provide tips on how to handle those tense situations.
With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday.
