Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The US economy added 235,000 nonfarm payrolls in February, many more than expected, and the unemployment rate dipped to 4.7%, a report from the Bureau of Labour Statistics showed on Friday.
Wage growth bounced back, and labour force participation moved up. According to Gary Cohn, the head of President Trump’s National Economic Council, there’s no reason to give credit to Trump for the strong report.
“So we’re still living on the hirings from the normalized economic growth that’s built into the system here,” Cohn said in an interview with CNBC. “So when you look at what’s ahead of us and what’s built into the system, we have a huge backlog of hiring we already know about in the normal run rate of the economy and we’re very excited about what’s ahead of us.”
North of the border, Canada’s jobs report beat
Stocks are in a “rare state” — here’s what happens when they get as expensive as they are right now.
The $US2.5 trillion investor behind a statue of a girl on Wall Street is tackling its own gender problem. And there’s now a petition asking New York City’s mayor to make a statue of a girl on Wall Street permanent.
The FBI is reportedly examining why a Russian bank with ties to Putin wanted to reach the Trump Organisation during the campaign.
In tech, a giant billboard outside Tesla’s Fremont factory is asking Elon Musk to “dump Trump.” And Ford’s chief engineer for driverless cars revealed three big issues holding back the technology.
Lastly, a retired hedge fund manager is selling his 2-in-1 St. Barts estate for $US67 million — take a look inside.
Here are the top Wall Street headlines from the past 24 hours.
Bitcoin super spikes to an all-time high – Bitcoin exploded to an all-time high on Friday morning. The cryptocurrency surged more than $US120 to a record high of $US1,327 a coin shortly before 8:30 a.m. ET.
Sears just hinted at another round of store closures – Sears hasn’t yet completed its latest round of store closures, but it looks like the company is already planning for more to come.
Trump’s SEC nominee reveals possible Wall Street conflicts of interest – The Wall Street attorney chosen by President Donald Trump to head the Securities and Exchange Commission has worked on many of the kinds of deals the agency regulates and represented some of the world’s biggest financial firms.
RBC: Fed rate hikes will benefit these banks the most – S&P 500 financials have rallied almost 25% since Donald Trump won the election, tops of all sectors.
One specific part of the Obamacare replacement bill has a bunch of doctors worried – The American Health Care Act proposed by House Republicans plans to slash a major public health fund, and it has doctors and public health experts worried.
The head of HR at a top Wall Street bank explains how to land a big promotion – Liz Lieberman knows what’s required to stand out on Wall Street.
New York’s tallest rental skyscraper will have a rock climbing wall, library, and basketball court – The area far west of midtown Manhattan was once a quiet part of town. Subway lines didn’t stretch there, and many of the apartment buildings were modest in size.