Let's look at the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,071.46; +186.55; +0.94%
S&P 500: 2,297.42; +16.57; +0.73%
Nasdaq: 5,666.77; +30.57; +0.54%
Now, here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
A positive jobs report and plans from the Trump White House to repeal or reform financial regulations helped bolster investor sentiment.
Banking stocks pushed higher after President Trump announced intentions to roll back the Dodd-Frank Act. Trump's advisers have complained that the law has pushed billions of dollars in unnecessary regulatory costs. The White House announced intentions to work with Congress to draft a "legislative piece" to reform the financial law.
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Shares of Citigroup Inc. (NYSE: C), Bank of America Corp. (NYSE: BAC), Goldman Sachs Group Inc. (NYSE: GS), and JPMorgan Chase & Co. (NYSE: JPM) all climbed on the news.
The U.S. Labor Department also announced that the American economy added 227,000 jobs in January. Meanwhile, the U.S. unemployment rate ticked up slightly to 4.8%, a figure that was higher than economists' expectations.
Crude oil prices were up slightly as traders digested the possibility that the United States could put new sanctions on Iran over its recent ballistic missile test. Trump said that "nothing is off the table" in addressing Iran's violation of its nuclear agreement. Those geopolitical concerns helped offset concerns that U.S. production is on the rise. This afternoon, Baker Hughes Inc. (NYSE: BHI) announced that the U.S. production rig count increased for the third straight week. The number of production platforms increased by 17 to 583 this week.
The WTI crude oil price today added 0.5%. Meanwhile, Brent crude gained 0.4%.
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Prediction: Natural Gas Prices in 2017 Will Soar Double Digits
But there was bigger President Trump news today.
Trump also halted the implementation of an Obama-era rule that requires retirement advisers to operate in their clients' best interests. The administration says that it needs more time to review the rule before making a decision on its future. If you want to learn about the fiduciary rule, who is working to kill the rule, and what it means for your retirement, click here.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.