“The fiduciary rule is a fundamental change in how brokerages do business, so if it’s now continued business as usual, that’s good for the status quo,” Jack Ablin, chief investment officer at BMO Private Bank, told the WSJ.
Further fueling market gains, the Labor Department revealed that U.S. employers added 227,000 in payrolls, compared to estimates of a 180,000 advance, after the 157,000 rise in December, Bloomberg reports.
Trump has promised to put more people into the workforce and boost wages further through tax cuts, infrastructure investments and looser regulations.
“There’s more slack in the labor market than the unemployment rate implies, but we’re continuing to make progress in absorbing that slack,” Russell Price, senior economist at Ameriprise Financial Inc., told Bloomberg. “As that happens, wage and salary growth should gain additional traction. ”
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