It's all about the jobs.
U.S. stock soared Friday after better-than-expected employment data.
The Nasdaq composite rose 1.8% to 7,560.81, hitting a closing record. The Dow Jones Industrial Average and the S&P 500 rose 1.7% to 25,335.74 and 2,786.57, respectively.
The U.S. economy added 313,000 jobs in February, well above estimates of 200,000, according to FactSet. The unemployment rate held at a 17-year low of 4.1%. Wage growth, however, fell short of economists' forecasts.
Given this information, TheStreet's sister publication Real Money provides investors with "an aggressive" way to trade the news.
Aside from the jobs report, the other major story of the day was about Goldman Sachs Group Inc.'s (GS) Chief Executive Lloyd Blankfein, who reportedly plans to depart later this year. Goldman shares jumped on the report. But as TheStreet's Bradley Keoun notes, the bank's stock this year has lagged behind its big-bank rivals as Goldman "turned in a worst-in-class performance last year in the highly profitable business of trading stocks and bonds."
We also learned the fate of former pharmaceutical executive Martin "Pharma Bro" Shkreli. The disgraced executive was sentenced to seven years in prison following his conviction on two counts of securities fraud and one count of conspiracy last year. Shkreli is most commonly known for raising the price of AIDS drug Daraprim by 5,000% after his firm acquired the rights to it.
Meanwhile, as Broadcom Ltd. (AVGO) continues to pursue Qualcomm Inc. (QCOM) , Treasury Secretary Steve Mnuchin weighed in on the potential merger. Mnuchin said that the U.S. government is "fully prepared" to use its powers to protect national security when it comes to Broadcom's bid to purchase Qualcomm. The secretary's comments come after Broadcom issued a letter to Congress, hoping a Mnuchin-led committee on foreign investment in the U.S. drops its review of the hostile $79 a share bid. Broadcom is in the process of reincorporating from Singapore to the U.S.
And President Barack Obama may be out of public office but he could be coming to a streaming screen near you. Netflix Inc. (NFLX) is reportedly nearing a deal with the president and his wife Michelle Obama to create a new show. The potential deal would be the latest in a series of large investments in original content by Netflix, but it is leading some analysts to question how long the company can keep spending so freely on content, writes TheStreet's Francesca Fontana.
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Photo of the day: The first Barbie -- 59 years ago
Barbie made her debut at the American Toy Fair in New York City on this day in 1959. Since then, Barbie has had a series of different jobs, including air stewardess, ballerina, princess and presidential candidate. In 2016, Barbie-maker Mattel Inc. (MAT) unveiled different body types, skin tones and hairstyles to make her more realistic and a better reflection of the diverse world we live in today. Despite Mattel's efforts to make her appeal to a wider demographic, Barbie sales sank last year. And Mattel's stock fell Friday after fellow toymaker Toys "R" Us was reportedly preparing for a possible liquidation. Read more
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