Another strong gain in the monthly jobs report. And Tesla has a new competitor.

It was the biggest monthly job gain since July. 678,000 jobs added in February, with the unemployment rate falling to 3.8%.

But the markets are still reacting to the Russia war in Ukraine.
The Dow dropped another 0.5%, down 179 points to close at 33,614
The Nasdaq fell 1.6%, down another 224 points.
The S&P lost 34.

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Back to the jobs report… Wall Street was expecting 440,000 jobs. This report of 678,000 shows the economy’s strength. Wages were essentially flat for the month. Most gains came in leisure and hospitality jobs.

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Better not go a day without mentioning oil prices, which at the closing bell were up 7%. $115 a barrel. That’s the highest price in more than 10 years.

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Some earnings reports –
Costco shares fell 3% after reporting better than expected revenue of $51.9 billion.
And chipmaker Broadcom jumped almost 4% after also topping estimates.

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Watch out, Tesla. Honda and Sony are teaming up to design and sell electric vehicles. Expect the first EV to hit the market in 2025.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.

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