Drew Angerer/GettyConstruction laborers work on a new residential building, August 16, 2016 in the Brooklyn borough of New York City.
US stocks rose after a stronger-than-forecast jobs report for February, but not by enough to avoid the first weekly loss since mid-January.
Here’s the scoreboard:
- Dow: 20,896.49, +38.30, (0.18%)
- S&P 500: 2,372.57, +7.70, (0.33%)
- Nasdaq: 5,860.89, +22.08, (0.38%)
- WTI crude oil: $US48.45, $-0.83, (-1.68%)
- The US economy added 235,000 nonfarm payrolls in February with a surge in construction jobs that was likely enabled by warmer whether. The unemployment rate dipped to 4.7% from 4.8%, according to the Bureau of Labour Statistics. Average hourly earnings rose 2.8% year-on-year.
- Canada’s labor market added 15,000 jobs in February, with full-time employment up and part-time employment down. Additionally, the unemployment rate fell to 6.6% from 6.8%.
- Bitcoin exploded to an all-time high. Friday’s gains came ahead of the highly anticipated US Securities and Exchange Commission ruling on whether or not it will approve at least one of the three proposed bitcoin-focused exchange-traded funds by a March 11 deadline.
- The US oil rig count rose for an eighth straight period this week, by eight to 617, according to Baker Hughes. West Texas Intermediate crude oil futures fell below $US50 per barrel on Thursday for the first time since December after government data showed record inventories.
- An obscure senate rule could collapse the House GOP leadership’s plan to repeal and replace Obamacare . The Byrd rule makes it so any bill going through the budget reconciliation process — like the AHCA — can be blocked on the grounds that it contains an “extraneous matter” or something “merely incidental” to the federal budget.
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