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Snap hits a new low, closing the day under $5 per share for the first time

Lauren Feiner

Snap has continued to decline as investors question its longevity among competition. Shares of Snap SNAP are now worth less than $5 each for the first time as of Friday's close. The stock hit a new low of $4.99 per share as the entire market fell on fears of an impending government shutdown and the Federal Reserve's rate hikes announced Wednesday.