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Its jobs Friday and the US employment market crushed expectations last month. There was one cloud in the numbers: wage growth looked weak. Then again, that might just be a quirk in the numbers that will correct itself.
Here’s what happened to stocks in the aftermath.
Outside of the US, there was some big news from the world’s 7th largest economy: Brazil’s golden boy, former President Luiz Inacio Lula da Silva, has been dragged into a corruption investigation.
In Wall Street News: another day, another effort by big banks to hang onto young staff. This one’s from Deutsche Bank.
Also, in case you were curious. No you will never be able to own a self-driving Ferrari.
Here are the top Wall Street headlines at midday:
FUND MANAGER: Investors are totally unprepared for the future of the market — lack of liquidity is going to be a bigger problem than people currently understand, says John H. Burbank III
There’s a simple reason big Wall Street banks are losing business to tiny rivals — bigger banks are ceding major deals to the boutiques because, amid a takeover boom, they face too many conflicts of interest with other clients.
The boss of BP just got a huge pay package rise despite the company’s worst ever year — Bob Dudley’s total pay package rose by a huge 20% to $19.6 million.
5 places where you’ll actually find Wall Street eating lunch – when Wall Street (which is actually in Midtown) goes to lunch, they do it a hop, skip and jump from their desks.