Nonfarm payrolls grew far more than expected in February as companies continued to hire amid a growing coronavirus scare. The Labor Department reported Friday that the U.S. economy added 273,000 new jobs during the month, while the unemployment rate was 3.5%. Economists surveyed by Dow Jones had been looking for payroll growth of 175,000 and a 3.5% jobless level. The intensifying concern over the virus means the data will be viewed as stale by investors. (CNBC)
The 10-year Treasury yield hit an all-time low of 0.694% overnight as the coronavirus continued to push investors into the safety of government bonds. Investors are meanwhile increasing bets that the Fed will follow this week's surprise 50-basis point rate cut with further easing - at or before its scheduled March 18 meeting. (SA)
Jamie Dimon, the 63-year-old CEO at the helm of JPMorgan for over a decade, was rushed into emergency surgery yesterday after suffering a tear in his aorta. He's now "awake, alert and recovering well." The bank was quick to disclose his condition and be upfront about who's in charge. Daniel Pinto and Gordon Smith, the co-presidents and co-chief operating officers, will take the reins as Dimon recovers (possibly giving a glimpse into a future succession plan). (WSJ)
Facebook = told employees in the Bay Area to stay home and cancel any trips, while Gap shuttered its New York City headquarters after a worker tested positive for the coronavirus. Microsoft also confirmed that two employees have been diagnosed in Washington's Puget Sound region, the area that includes its Redmond headquarters. (SA)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.