US stock prices soared today, on the back of a positive monthly employment report and President Trump’s intention to eliminate some features of the Dodd-Frank bill. In the latter case, changes would include nixing the fiduciary rule, leaving investors to fend more for themselves. In the case of employment, January’s new jobs were 30,000 above expectations, and the highest number in four months.
Asian stocks had been rather quiet, but European exchanges were up about half a percent on average. In the US, the Dow closed near its highs, up 185 points. The S&P 500 gained 16 points, and the NASDAQ added 31 points. All of this despite Trump’s attempts to tick off as many countries and their leaders as possible; the market just does not care! As one analyst wrote today: “Political volatility has never been higher, and market volatility has never been lower. It’s an interesting contrast.”
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