Black employment has hit a record low and the really good news is working age Americans are participating in the labor force at the highest rate in 15 years – not just since the pandemic. (The) unemployment rate is at 3.4%, which is the lowest in 50 years. That’s on top of the 12 million we’ve already added since we came into office a little over two years ago. “This morning, we got some good news from the jobs report. President Joe Biden on Friday reacted to the latest jobs report, calling it “good news” and part of broader indications that his administration’s economic plan is working. President Joe Biden speaks during a meeting in the Roosevelt Room of the White House, Friday, May 5, in Washington, DC. ![]() Shares of the embattled lender started tumbling in March, when the collapse of Silicon Valley Bank and Signature Bank spurred fears about the banking sector's stability and steep losses in regional bank stocks.įirst Republic failed despite being given lifelines, including $30 billion worth of deposits from big banks including JPMorgan, after the bank in April reported seeing $100 billion worth of deposit outflows during the first quarter. ![]() JPMorgan Chase did not immediately respond to a request for comment. "The SEC does not comment on the existence or nonexistence of a possible investigation," a SEC spokesperson told CNN in an email.įirst Republic Bank executives sold millions of dollars worth of the company's stock this year before the bank collapsed earlier this week and was sold to JPMorgan Chase. The US Securities and Exchange Commission is investigating First Republic Bank executives' conduct in the months leading up to the bank's collapse, according to a Bloomberg report.īloomberg, citing two anonymous sources, reported Friday that the SEC is investigating whether First Republic executives traded improperly on inside information. Shares of Lyft tumbled 19.3% after the firm on Thursday forecasted weaker-than-expected revenue for the current quarter.Īs stocks settle after the trading day, levels might still change slightly.Ī pedestrian walks by a First Republic bank on April 26, in San Francisco, California. Shares of PacWest Bank rose roughly 82%, Comerica gained 16.7%, Western Alliance added about 49% and New York Community Bank marched up 7.8%.Īpple shares rose 4.7% after the iPhone maker announced share buybacks on Thursday, also helping lift the broader equity market. Shares of regional banks rose after steep sell-offs earlier this week, fueled by banking turmoil after First Republic's collapse and subsequent sale to JPMorgan Chase. The jobs report led investors to believe that "to some degree, the Fed is basically done in terms of tightening policy for the cycle," said Amanda Agati, chief investment officer for PNC Financial Services Asset Management Group. The labor market heated back up last month as employers added a more-than-expected 253,000 jobs, according to fresh data from the Bureau of Labor Statistics. ![]() Still, both the Dow and S&P 500 fell for the week, and the Nasdaq Composite eked out a small gain. The Dow saw its best one-day gain since early January, and surged above 600 points at its highs. ![]() Stocks jumped Friday, snapping a four-day losing streak as investors cheered a strong jobs report that suggested that the labor market remains strong overall despite some cooling.
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