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Banks pull down Wall Street

Thursday, March 02, 2017 - 01:41

Shares retreated Thursday despite Snap's splashy IPO. As Fred Katayama reports, investors took profit after Wednesday's record-setting session.

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Wall Street fell Thursday despite a splashy IPO. Investors took profit after Wednesday's record setting day. The hottest sectors - financials, materials, and industrials - retreated. Advisors Asset Management CEO Scott Colyer: SOUNDBITE: SCOTT COLYER, CEO, ADVISORS ASSET MANAGEMENT, (ENGLISH) SAYING: "Yesterday, a 300 point overshoot, and that came on, we had one down day and 12 days of record setting highs before that. It may be time for a bit of a breather. And by the way, before markets can go higher, sometimes they have to correct a little bit. And we're really in for, it's past time for a correction." Investors snapped up shares of Snap on its debut. Shares of the owner of the popular messaging app, Snapchat, soared more than 40 percent at the open. Snap raised more $3.4 billion in its IPO. Caterpillar shares weighed on the Dow after federal law enforcement officials searched its facilities in Illinois. No word on why. Kroger among the day's top decliners on the S&P 500. The largest U.S. supermarket chain surprised Wall Street with a drop in existing store sales in the latest quarter. Falling grocery prices and ramped up price competition are hurting the retailer. American Express ramping up the credit card competition. Its Platinum charge cards will offer $200 a year in Uber rides along with other perks starting this month. Oil prices fell after a report showed U.S. crude inventories shot up to a record high last week. In Europe, stocks edged lower, pressured by a drop in consumer and materials stocks. But the CAC eked out a gain.

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Banks pull down Wall Street

Thursday, March 02, 2017 - 01:41