Stocks traded lower to start the week and an intraday climb was insufficient to log a positive close for the market.
Here's the scoreboard:
Dow: 20,954.34, -51.37, (-0.24%)
S&P 500: 2,375.31, -7.81, (-0.33%)
- Nasdaq: 5,849.17, -21.58, (-0.37%)
- Snap already tanked below its IPO opening price. Following the 44% pop on IPO day last week Thursday, shares of Snapchat's parent company fell 12% to as low as the opening price of $23.80.
- An investor group wants to keep Snap out of indexes. The Council of Institutional Investors, which represents large asset owners, is concerned that Snap is accessing public markets but selling non-voting shares to shareholders, Reuters reported.
- US manufacturing continues to rebound. Factory goods orders rose 1.2% after an unrevised 1.3% jump in December, the Commerce Department said. Manufacturing, which makes up about 12% of the economy, is recovering after being buffeted by cheap oil, a strong dollar and an inventory overhang.
- Retailers slumped on lower February sales. Sales slumped 17% from January 31 to February 23 compared to the same period last year, Bloomberg reported, citing First Data figures. Kohl's fell by as much as 5%, while Macy's dropped 4%.
- GM is selling Opel to Peugeot for $2.3 billion. The deal will total $2.3 billion (2.2 billion euros) and consist of GM's sales of its unit containing Opel and Vauxhall for $1.3 billion and its European GM Financial arm for $1 billion.
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