Stocks leaped on Friday after the jobs report showed higher than expected additions to the US workforce.
All three indexes were solidly in the green, with the Dow Jones Industrial average pushing above the 20,000 level after falling back below the mark over the past few days.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 20,060.68, +175.77, (+0.88%)
- S&P 500: 2,296.95, +16.10, (+0.71%)
- Nasdaq: 5,664.76, +28.56, (+0.51%)
- UST 10-year bond yield: 2.476%, (+0.2 bps)
- The jobs report beat on the headline, but other measures missed. Headline job growth came in at 227,000 jobs added, more than the 180,000 expected by economists. Wage growth, however, came in below expectations at just 2.5% year-over-year against expectations of 2.9%.
- Trump rolled back two huge Wall Street regulations. Trump directed the Treasury department to review and make changes to the Dodd-frank financial regulation, which attempted to make bank’s less risk-prone in the wake of the financial crisis. He also signed an order asking the Labour department for a rollback of the fiduciary standard, which requires investment advisers to put client interests above their own when it comes to investment choices for retirement accounts.
- Trump also met with executives from some of the world’s largest companies. Trump met with executives from JPMorgan, BlackRock, General Motors, the Cleveland Clinic and more in a forum headed and created by private equity giant Blackstone’s CEO Stephen Schwarzman.
- Macy’s was reportedly approached about a takeover offer by Canadian retailer Hudson’s Bay. The owner of retailers such as Sak’s Fifth Avenue and Lord & Taylor reportedly approached Macy’s about a merger or some other form of cooperation.
- The Baker Hughes oil rig count increased by 17. The US oil rig count climbed for the third week in a row, rising by 17 to 583, according to Baker Hughes. That is the highest rig count since October 23, 2015. The combined count jumped to 729.
Business Insider Emails & Alerts
Site highlights each day to your inbox.