US close: Dow lower on news of Caterpillar probe; Snap soars
U.S. stocks fell overnight Thursday as the Dow Jones was pulled lower by news of a federal tax investigation into Caterpillar pulled the index lower, while shares surged in Snap on its much anticipated initial public offering..
The Dow Jones Industrial Average fell 0.5% to close at 21,002.97. The S&P 500 was 0.6% lower at 2,381.92 while the Nasdaq Composite Index was off 0.7% at 5,861.22.
Caterpillar was in focus after a Wall Street Journal report stated federal agents had searched the company's offices over an investigation into tax issues involving one of the company’s Swiss subsidiaries.
Shares in Snap, the owner of the photo sharing app Snapchat favoured by 16-25 year olds, jumped over 30% in its debut on the New York Stock Exchange.
It had an opening price of between $21-$23 per share, more than a 30% increase on its IPO price of $17 a share, which valued Snap at around $19.7bn.
Nicholas Hyett, Equity Analyst, Hargreaves Lansdown, said: “Recent tech IPOs have been a mixed bag. After tumbling immediately after listing, Facebook has proven a success, but Twitter is finding life as a listed company tough so far. With around 150m daily users, Snapchat is more popular than Twitter.
On the S&P, supermarket chain Kroger was down 4% after the company reported an unexpected fall in holiday-quarter same-store sales.
Monster Beverage closed up a monstrous 12% after quarterly earnings jumped above forecasts.
Dow Jones - Risers
Home Depot Inc. (HD) $147.95 0.87%
Coca-Cola Co. (KO) $42.47 0.74%
Wal-Mart Stores Inc. (WMT) $70.76 0.44%
Verizon Communications Inc. (VZ) $49.98 0.34%
Exxon Mobil Corp. (XOM) $83.30 0.34%
Pfizer Inc. (PFE) $34.51 0.26%
E.I. du Pont de Nemours and Co. (DD) $79.73 0.03%
3M Co. (MMM) $189.89 0.02%
General Electric Co. (GE) $30.19 -0.00%
Intel Corp. (INTC) $35.91 -0.06%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $94.36 -4.28%
American Express Co. (AXP) $80.10 -2.22%
JP Morgan Chase & Co. (JPM) $92.14 -1.56%
Microsoft Corp. (MSFT) $64.01 -1.43%
United Technologies Corp. (UTX) $112.69 -0.87%
Procter & Gamble Co. (PG) $90.91 -0.82%
International Business Machines Corp. (IBM) $180.53 -0.78%
Goldman Sachs Group Inc. (GS) $251.06 -0.65%
McDonald's Corp. (MCD) $128.23 -0.64%
Apple Inc. (AAPL) $138.96 -0.59%
S&P 500 - Risers
Monster Beverage Corp (MNST) $47.37 12.76%
Best Buy Co. Inc. (BBY) $44.85 6.43%
Urban Outfitters Inc. (URBN) $26.93 5.69%
Gap Inc. (GPS) $25.13 3.29%
AES Corp. (AES) $11.63 2.47%
Nordstrom Inc. (JWN) $46.65 2.30%
GameStop Corp. (GME) $24.98 2.04%
SCANA Corp. (SCG) $69.98 1.74%
Signet Jewelers Ltd (SIG) $65.96 1.66%
Under Armour Inc. Class A (UAA) $20.93 1.60%
S&P 500 - Fallers
United States Steel Corp. (X) $37.39 -5.77%
Alcoa Corporation (AA) $35.85 -5.63%
Freeport-McMoRan Inc (FCX) $13.31 -4.86%
Kroger Co. (KR) $30.67 -4.34%
Caterpillar Inc. (CAT) $94.36 -4.28%
Endo International Plc (ENDP) $12.29 -4.13%
Murphy Oil Corp. (MUR) $28.16 -3.92%
Citizens Financial Group, Inc. (CFG) $38.05 -3.89%
Chesapeake Energy Corp. (CHK) $5.36 -3.77%
Frontier Communications Co. (FTR) $2.81 -3.77%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $47.37 12.76%
Ross Stores Inc. (ROST) $67.81 1.51%
Dollar Tree Inc (DLTR) $77.74 1.17%
Broadcom Limited (AVGO) $217.29 1.00%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $277.45 0.95%
Tractor Supply Company (TSCO) $72.59 0.93%
Mylan Inc. (MYL) $45.28 0.91%
JD.com, Inc. (JD) $30.93 0.85%
Paypal Holdings Inc (PYPL) $42.77 0.80%
Shire Plc Ads (SHPG) $184.50 0.70%
Nasdaq 100 - Fallers
NetEase Inc. Ads (NTES) $289.38 -4.36%
Liberty Global Plc Lilac Class C (LILAK) $23.59 -3.75%
Viacom Inc. Class B (VIAB) $42.12 -3.75%
Nvidia Corp. (NVDA) $99.00 -3.69%
Liberty Global Plc Lilac Class A (LILA) $23.48 -3.65%
American Airlines Group (AAL) $45.72 -2.91%
PACCAR Inc. (PCAR) $67.38 -2.62%
Western Digital Corp. (WDC) $76.28 -2.60%
J.B. Hunt Transport Services Inc. (JBHT) $97.85 -2.29%
Netflix Inc. (NFLX) $139.53 -2.19%