- REUTERS/Brendan McDermid
Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Shares of the parent company of Snapchat fell 7% in early trading on Monday to as low as $24.85. They were about 14% lower than their high after the initial public offering.
In other deals news, General Motors is selling Opel, its European division, to Peugeot for $2.3 billion. The asset managers Standard Life and Aberdeen are merging in a $13.4 billion deal and their shares popped on the news.
Exactly eight years ago, on March 6, 2009, the S&P 500 dropped to an intraday low of 666. Just days earlier, President Barack Obama made what ended up being one of the most perfectly-timed market calls ever.
The strengthening US dollar has been one of the big-picture economic trends for half a decade – but for the first time in years, it’s being driven by US developments.
And Business Insider’s Pedro da Costa explains why record-breaking stocks are a bad reason for the Fed to raise interest rates.
Here are the top Wall Street headlines from the past 24 hours.
Stocks have entered the ‘danger zone’ – Investors’ exuberance on the stock market may be at a tipping point.
ROCKEFELLER CIO: US stocks are clearly near the top, and Europe is set for its own Trump rally – The US stock market is “unambiguously” at the high end of its historic range, according to David Harris, chief investment officer of the asset-management firm Rockefeller & Co.
GOLDMAN SACHS: Hedge funds and mutual funds have very different views on the financials – It’s no secret that bank stocks have outperformed the broader stock market since the election.
Investors love Snapchat, but Wall Street analysts are warning people not to buy it – Snap is still flying way above its IPO price, even though it doesn’t seem the Snapchat maker has a single “buy” rating from Wall Street analysts.
Retailers are slumping on declining February sales – Department store stocks are taking a beating on Monday, following word that February store sales slumped amid declining store traffic.
The guy running Trump’s trade policy just wrote a seriously troubling op-ed in The Wall Street Journal – Peter Navarro writes like a man ready to start a trade war.
16 brilliant quotes from Charlie Munger, Warren Buffett’s right-hand man – Charlie Munger dropped out of college, served as a meteorologist in the US Army Air Corps, and graduated from Harvard Law.
8 years ago today the S&P cratered to a low of 666 – here are the scariest moments of the financial crisis – Eight years ago, the US economy went into recession, the US housing market crashed, and credit markets seized, bringing the banking industry to its knees.