Snap debut fails to stem Wall Street slide
Snap shares surge 44% but Dow fall 113 points one day after biggest rise this year.
Wall Street fell after their biggest daily advance this year, while expectations for higher interest rates boosted the US dollar and government bond yields.
But trading was dominated by the launch of Snap shares, which surged 44% as investors sought a piece of the biggest technology initial public offering since Alibaba Group made its debut in 2014.
Shares of Snap opened at $US24, above the IPO price of $US17, and rose to $US26.05 before closing at $US24.48.
The closing price valued the parent of the popular disappearing-message app Snapchat at about $US34 billion, above Marriott International and Target but below Delta Air Lines. More than 200 million Snap shares were traded Thursday.
At the close of trading, the Dow Jones Industrial Average fell 112.58 points, or 0.5%, to 21,002.97 after reaching the 21,000 mark for the first time on Wednesday.
The S&P 500 declined 0.6% to 2381.92, weighed down by a retreat in shares of financial companies. The Nasdaq Composite slid 0.7% to 5861.22.
(BusinessDesk)
Margreet Dietz
Fri, 03 Mar 2017
Fri, 03 Mar 2017
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Snap debut fails to stem Wall Street slide
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