Stocks fell for a third straight day as the post-election rally continued to take a breather.
Here’s the scoreboard:
- Dow: 20,854.08, -70.68, (-0.34%)
- S&P 500: 2,362.82, -5.57, (-0.24%)
- Nasdaq: 5,837.52, +3.59, (0.06%)
- WTI crude oil: $US50.28, -$US2.86, (-5.38%)
- Crude oil plunged to the lows of the year. West Texas Intermediate crude futures fell after the latest inventory data from the Department of Energy showed supplies rose last week by 8.21 million barrels to 528.4 million barrels, the highest on record.
- Private payrolls boomed in February. ADP Research Institute said they increased by 298,000, the most since January 2006 and the highest relative to economists’ expectations since December 2011. A surge of manufacturing jobs propelled the total.
- Traders are sure the Fed will raise interest rates next week. Bloomberg’s World Interest Rate Probability rose to a 100% probability of a hike after ADP’s report.
- Hedge fund billionaire David Tepper says he bought Snap Inc shares, sold some, and will buy again if they fall. Shares of Snap Inc, the parent company, gained as much as 7% after Tapper’s interview with CNBC and as the pace of short sales slowed.
- Urban Outfitters’ shares slumped more than 8% after its fourth-quarter results missed analyst estimates. “Like housing, that bubble has now burst,” CEO Richard Hayne said during the earnings call, referring to retail square-foot capacity.