Good Friday Market Update – Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), Citigroup (NYSE:C)
Not much news on this Good Friday for our Market Update, so in the spirit of the holiday weekend we ask that you, our loyal readers, forgive our abridged version of the market update. First in the news is the story that’s making everyone smile. According to the Labor Department, the United States added approximately 162,000 jobs during the month of March, the largest monthly job gain since May of 2007. Non-farming jobs for January and February were also revised upwards. The unemployment rate remains at 9.7 percent. Part of this job surge are temporary positions created for the centennial census; Non-government employers added 123,000 jobs.
Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) aren’t doing “God’s work” when it comes to derivatives, according to investor groups of nuns and priests. Shareholders will vote starting this month on proposals sponsored by the Sisters of Charity of Saint Elizabeth and 14 other religious organizations asking four banks: Goldman Sachs, Bank of America, JP Morgan Chase (NYSE:JPM) and Citigroup (NYSE:C) to give more information on the collateral they used in derivatives trading. It’s the first time the four banks will put, to a nonbinding vote, a call to explain how collateral of derivatives customers is used.
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Congress is currently looking at bills that would require more derivatives deals be processed through clearinghouses, privately owned third parties that guarantee transactions and keep track of collateral and margin. The White House’s Treasury Secretary has also said today that the Senate is “very close” to a financial reform bill getting bi-partisan support from the minority Republicans. This bill is designed to protect consumers, as well as limit financial company risk taking in the future.
That’s all for this abridged version of Oakshire’s market update. Hope you enjoy your Easter weekend!
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