STOCKS HIT ALL-TIME HIGHS: Here’s what you need to know

Stocks hit all-time highs again on Friday.

All three major indices hit all-time highs, although they retraced some of their gains as the afternoon progressed.

Stocks also climbed on Thursday following US President Donald Trump’s announcement that he would release his plan to reform the tax system in the new few weeks.

In any case, first up, the scoreboard:

  • Dow: 20,271.92, +99.52, (+0.49%)
  • S&P 500: 2,316.23, +8.32, (+0.36%)
  • Nasdaq: 5,734.79, +18.44, (+0.32%)
  • US 10-year yield: 2.409%, +0.012
  • WTI Crude: $53.80 per barrel, +0.80, (+1.51%)

1. Wall Street’s top regulator is resigning from the Fed. Daniel Tarullo will resign from the Federal Reserve’s Board of Governors on or around April 5, according to a statement on Friday. President Barack Obama appointed Tarullo in 2009 for a term that would have expired at the end of January 2022.

2. US consumer confidence dropped for the first time since the election. The University of Michigan’s survey of consumers showed a drop in expectations for economic growth. The preliminary sentiment index for February slipped from a 12-year high in January to 95.7. It had been forecast at 98, down from 98.5, according to Bloomberg.

3. Canada’s jobs report crushed it, with the labour market adding 48,300 jobs in January, compared to economists’ forecasts of a loss of 10,000. “Overall, recent employment data provide further evidence confirming the recovery in the economy from the oil price shock,” David Madani, the senior Canada economist at Capital Economics, wrote. “The next big challenge might be Trump’s protectionist threats which, if acted on, would be very negative for Canada’s small open economy.”

4. GOP lawmakers got blasted on Obamacare at a town hall. “There are people who have cancer that have that coverage that have to have that coverage to make sure they don’t die,” one man, Mike Carlson, said. “And you want to take away this coverage and have nothing to replace it with. How can I trust you to do anything that’s in our interest at all?”

5. Elizabeth Warren and Tammy Baldwin wrote a letter to Goldman Sachs’ CEO asking how much influence Goldman has over Trump. Specifically, Warren and Baldwin are concerned about how much input former and current Goldman Sachs employees have had over recent executive orders to roll back regulations on Wall Street, including the Dodd-Frank law that regulated banks after the financial crisis.

6. Reckitt Benckiser, the maker of Durex condoms, is buying a baby-formula company — and Wall Street stands to make more than $100 million from the deal. The deal is one of the largest announced this year.

7. US oil rig count climbs for the 4th straight week. The count of active oil rigs in the US rose again this week, by eight to 591, according to Baker Hughes.


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