MANY Americans spent their coronavirus stimulus check on trading stock, new data shows.
Stock trading the week many people received their stimulus check was up as much as 90 percent compared to the week before, revealing the link between the two, CNBC reported.
Americans that earned between $35,000 and $75,000 annually traded 90 percent more the week they got their stimulus check compared to the previous week, data from Envestnet Yodlee shows.
The data was based on account transfers from more than 2.5million Americans.
For those that earn between $100,000 to $150,000, that number was up 82 percent, CNBC reported.
People who earned more than $150,000, meanwhile, traded stocks around 50 percent more, CNBC reported.
“There’s clearly a correlation between Covid and people being reengaged with their money,” Bill Parsons, Group President of Data Analytics at Envestnet Yodlee told CNBC.
The report came as nearly 40million Americans have filed for unemployment amid coronavirus shutdowns.
In the last week alone, 2.4million people in the US filed jobless claims.
As many Americans spent their stimulus money on stock trading, others splurged at stores like Target, Best Buy, and Walmart.
Customers at Target and Walmart bought more apparel, electronics, gaming equipment, and TV's, Market Watch reported.
Walmart also saw an increase in sales of adult bikes.
Meanwhile, at Best Buy, customers bought things like computer and gaming equipment, Market Watch reported.
While many spent their money on stock trading, CNBC reported that Americans also spent on things like bills and rent.
Another $3trillion package that would include another round of stimulus checks was passed in the House last week – but it's expected to be shredded in the senate.
Although many Americans have already spent their stimulus money, some are still waiting on their checks to come in the mail – although that may not come for weeks.
One new survey also showed that 82 percent of Americans want a stimulus check every month while lockdowns last.
Support grew for a Democratic-backed bill that would give Americans $2,000 a month during the pandemic – but it has yet to move forward in the House.
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