US stocks rose following a stronger-than-forecast jobs report for February, but not enough to avoid the first weekly loss since mid-January.
Here's the scoreboard:
- Dow: 20,902.98, +44.79, (0.21%)
- S&P 500: 2,372.60, +7.73, (0.33%)
- Nasdaq: 5,861.73, +22.92, (0.39%)
- WTI crude oil: $48.45, $-0.83, (-1.68%)
- The US economy added 235,000 nonfarm payrolls in February, including 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 Labor Statistics. Average hourly earnings rose 2.8% year-on-year.
- Bitcoin crashed. The cryptocurrency fell by as much as 16% after the US Securities and Exchange Commission rejected the Winklevoss twins' exchange-traded fund (ETF).
- 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%.
- 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 $50 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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