09Mar2018 Midday Update: Wall Street Has Extended Gains, DOW Up 360 Points, U.S. Economy Gains 313,000 Jobs, The Perfect Report For The Stock Market

Here is the current market situation from CNN Money

North and South American markets are sharply higher today with shares in U.S. leading the region. The S&P 500 is up 1.34% while Mexico’s IPC is up 1.21% and Brazil’s Bovespa is up 1.11%.

U.S. economy gains 313,000 jobs in February; wage growth slows

WASHINGTON (Reuters) – U.S. job growth surged in February, recording its biggest increase in more than 1-1/2 years, but a slowdown in wage gains pointed to only a gradual increase in inflation this year.

U.S. allies line up for exemptions from Trump’s tariffs

BRUSSELS/SHANGHAI/TOKYO (Reuters) – From Japan and South Korea to Australia and Europe, officials lined up on Friday to seek exemptions from President Donald Trump’s tariffs on U.S. steel and aluminum imports, while Chinese producers called on Beijing to retaliate in kind.

Wall Street higher as wage data soothes inflation worries

(Reuters) – U.S. stocks extended gains on Friday, with the Nasdaq touching a record, after data showed strong job additions in February but muted wage growth that indicated a gradual rise in inflation and helped temper expectations of faster interest rate increases.

Bull market aging but still has juice to break record

NEW YORK (Reuters) – The bull market for stocks turned nine years old on Friday and, despite being long in the tooth, appears poised to set the record as the longest in history, buoyed by global economic growth and stronger company earnings.

‘Pharma Bro’ Shkreli set to be sentenced for defrauding investors

NEW YORK (Reuters) – The sentencing hearing for Martin Shkreli, the former drug company executive who made headlines by jacking up the price of a lifesaving drug before he was found guilty of defrauding investors, began on Friday with a plea for leniency from his lawyer.

Goldman CEO Blankfein prepares to exit as soon as year-end: WSJ

(Reuters) – Lloyd Blankfein is preparing to step down as Goldman Sachs Group Inc’s chief executive as soon as the end of the year, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Fed’s Evans urges waiting a ‘bit longer’ on rate hikes

(Reuters) – Chicago Federal Reserve Bank President Charles Evans on Friday said he wanted the U.S. central bank to keep interest-rate increases on hold until after March to allow inflation a chance to rise and even exceed the Fed’s 2-percent target.

Bombardier revs up aftermarket business to hit revenue growth target

Montreal (Reuters) – With its new long-range business jet just preparing to take flight, Bombardier is banking on sales of new products and maintenance packages to help it drive promised double-digit revenue growth for its aftermarket service business this year.

Toymakers tumble as Toys ‘R’ Us prepares to liquidate

(Reuters) – Shares of Mattel Inc and Hasbro Inc , the two largest U.S. toymakers, tumbled on Friday after reports that key customer Toys ‘R’ Us Inc is preparing for potential liquidation, six months after filing for bankruptcy.

“The Bottles Kept Flowing” – Inside The Dinner That Led To Trump-Kim Meeting

For at least two decades, leaders in North Korea have been seeking a personal meeting with an American president… and after a hotpot, cold noodles, and several bottles of wine, it appears that meeting is about to happen.

North Korea’s Kim Jong Un joked about his image in international media while serving South Korean officials local spirits and cold noodles during their unprecedented visit to Pyongyang this week, two South Korean government sources told Reuters.

Kim made light-hearted remarks about how he is viewed outside North Korea in international media and elsewhere, one Blue House official said. The officials who spoke asked to remain unnamed due to the sensitivity of the issue.

The North Korean leader was “very aware” of his image, the official said, and reacted to comments made about him in a “relaxed” manner by joking about himself from time to time.

US Stocks Suffered “Massive” Outflows As The S&P Jumped

Add one more paradox to a market that seemingly refuses to follow any logic.

In a week in which the S&P did not suffer one down day despite the “Cohn Gone” scare and Trump’s trade war announcement, US stocks suffered “massive” – in Reuters’ words – outflows, according to BofA analysts and EPFR data, which found that investors rushed into government bonds and other safer assets.

Yet while investors bailed on stocks, someone else was clearly buying, as seen by the S&P’s weekly performance. How is this possible? Two words – stock buybacks.

Looking at the past week, as investors allocated modest capital to European, Japanese and EM funds (+0.1$BN, +$4.1BN and +$0.8BN respectively), they pulled money out of the US at a frantic pace, redeeming $10.3 billion from U.S. equity funds.

The U.S. Income Inequality Crisis: The American Dream Vanishing?

Authored by Alex Deluce via GoldTelegraph.com,

In the United States, the proven route out of poverty has always been education. A higher level of education has been viewed to be the direct cause of a higher level of income. Surprising studies have revealed that this economic axiom may no longer hold true for everyone.

Despite wage growth, women and African-Americans still find themselves at a disadvantage. Last year, average salaries grew 0.2 percent overall, while the elite top 5 percent wage earners saw a pay increase of 1.5 percent. However, the wages of African-Americans declined on most economic levels, a trend that has held for 17 years. At the same time, men with a four-year degree earned more than female employees with graduate degrees. Education, the once much vaunted escape from poverty is unable to change race or gender, both of which still have a demonstrable effect on overall income.

Jack Daniel’s Warns It Could Become “An Unfortunate And Unintended Victim” Of Trump’s Tariffs

The maker of Jack Daniel’s Tennessee Whiskey is emerging as an unlikely opponent of President Trump’s protectionist tilt.

During a phone call with analysts on Wednesday, Paul Varga the chief executive of Brown-Forman Corp. confirmed that the European Union’s threats of retaliatory tariffs against “distinctly American products” is rattling leaders of the American business community.

Brown-Forman, the maker of Jack Daniels Tennessee Whiskey, could become “an unfortunate and unintended victim of the policy,” Varga warned.

“The overwhelming majority of our products are made here in America and over the last few years, I’d just cite, we’ve been investing heavily in our American manufacturing expansion.”

After Trump surprised markets by announcing his plans to impose the aluminum and steel tariffs late last week, the EU fired back on Monday by threatening to impose tariffs on (a relatively modest) 2.8 billion ($3.5 billion) of American goods, with Brussels aiming to apply a 25% tit-for-tat levy on a range of consumer, agricultural and steel products imported from the US.

Jobs Report Was No Fairy Tale

The blowout jobs report on Friday led investors to believe that the Fed can postpone tightening, but investors should watch distortions from weather and a burst of retail hiring.

Trade Spat Just Noise as ECB Edges to Exit

The past few weeks have seen financial markets swing to and fro sharply, with fears around trade and protectionism now added to the mix. But central banks like the European Central Bank aren’t changing direction.

Cigna’s Cure Risks Dangerous Side Effects

The $54 billion purchase of Express Scripts likely increases risks instead of lowering them.

February 2018 BLS Jobs Situation Significantly Above Expectations

Written by Steven Hansen

The headline seasonally adjusted BLS job growth was significantly above expectations.

Your Amazon Echo could be making you spend more money

Voice shopping is expected to grow exponentially over the next four years.

Metals Stocks: Gold gains after data show strong rise in U.S. jobs, but weak wage growth

Gold prices head higher Friday, looking to erase their loss for the week, as monthly data revealed a strong rise in U.S. jobs, but disappointing growth in wages.

Tax Guy: Use your car for your small business? The new tax law is good news for you

How your business can cash in.