Stocks continued higher again. With the latest employment data, it’s clear that the labor market is doing better-than-expected with creating jobs. However, the stubborn level of first-time filers for unemployment shows that the job market will still take some time to play out.
In the meantime, the market has been more than willing to move higher on the rumor of a deal for more stimulus before the end of the year. We can’t help but notice the similarity to how the market reacted to all the “China trade deal” headlines back in 2017-2019. Expect more big up and down days as the stimulus story unfolds.
Now here’s the rest of the news:
This is the day that the President, Donald Trump and The First Lady… tested POSITIVE to COVID-19. He’s reporting ONLY mild symptoms at this point!!!
October 02, 2019
Good Morning Tuesday Financial World. Brokerage firms make most of their money from their total assets under management, thanks to various fees and transaction costs. Today’ s brokerage receives less than 10 percent of its revenue from actual trading commissions, thanks to years of competition to lower costs in a bid for funds.
Charles Schwab finally did away with commissions on its online platform all together, slashing their old trading commission from a ﬂat $4.95 per trade to $0. Time will tell how other online brokerages respond, and how much the reduction to zero cost trades increases trading volume… if any. Judging by the drop in the shares of online-only brokerages however, chances are Schwab will have competition in the free commission space soon.
Have a Wonderful and Profitable Life! 😉