Oleg Popov/Reuters
The major US equity indexes except the Dow closed lower on Thursday, ending a five-day streak of record highs. The Dow scored an all-time closing high.
Here's the scoreboard:
- Dow: 20,619.77, +7.91, (0.04%)
- S&P 500: 2,347.22, -2.03, (-0.09%)
- Nasdaq: 5,814.90, -4.54, (-0.08%)
- Snapchat's parent company, Snap Inc., is seeking to price its initial public offering at $14 to $16 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 $3.2 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.
Additionally:
Warning signs are piling up that the bull run in stocks is nearing an end
Janet Yellen's warning about low rates causing a recession doesn't make sense
Trump cheers stock market's 'longest winning streak in decades'
The US dollar is becoming a problem
Don't forget: US markets are closed on Monday for the Presidents Day holiday
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