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%)
- 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.
- “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.
- 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.
- 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.
- 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.
- 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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