STOCKS FALL: Here's what you need to know

The major US equity indexes except the Dow closed lower on Thursday, ending a five-day streak of record highs.

Here’s the scoreboard:

  • Dow: 20,621.21, +9.35, (0.05%)
  • S&P 500: 2,347.10, -2.15, (-0.09%)
  • Nasdaq: 5,814.02, -5.42, (-0.09%)
  1. Snapchat’s parent company, Snap Inc., is seeking to price its initial public offering at $US14 to $US16 a share, setting its valuation below initial expectations. An updated regulatory filing confirmed Snap is looking to sell 200 million class A shares, raising about $US3.2 billion.
  2. After the House returns following the Presidents Day break, we intend to introduce legislation to repeal and replace Obamacare,” House Speaker Paul Ryan said during his weekly press conference.
  3. Kate Spade soared 14% after the company said it was “reviewing strategic alternatives.” The handbag and accessories maker is under pressure from New York-based hedge fund Caerus Investors, which sent its board a letter in November pushing for a sale.
  4. The Philly Fed’s manufacturing index soared to 43.3 in February, the highest level since 1984. The data showed an increase in current activity as firms reported higher sales and shipments.
  5. Initial jobless claims rose less than expected last week, to 239,000 from 234,000. Claims have been below 240,000 for five out of the last seven weeks.
  6. Housing starts in January fell by 2.6%, but at a higher-than-forecast seasonally adjusted annual rate of 1.246 million. Building permits increased by 4.6% at a rate of 1.285 million, indicating a forthcoming pickup in construction.


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