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  • February 16th is in the books.

  • This is the New York Minute.

  • Wall Street broke its longest winning streak since 2013. 7 straight sessions of gains,

  • with a modest decline in the S&P 500

  • Other US benchmarks that have been setting fresh highs also faltered as the risk-on Trumpflation rally paused.

  • In keeping with the mood, haven assets drew buyers.

  • Utility stocks, which investors buy for steady income and perceived safety, were the best performing sector

  • And the yield on the ten-year treasury slid.

  • Investors also got pricing information about the highly anticipated IPO, Snap,

  • the messaging app that is expected to be among the largest tech IPOs in recent years.

  • The group intends to raise as much as 3.2 billion offering shares that are ranged 14 to 16 dollars

  • for market cap of up to 18.5 billion.

  • That's less than have been expected

  • but the deal remains widely awaited given the dearth of tech listings over the past few years,

  • as companies have opted to raise money privately instead.

  • Snap is likely to be a barometer of investor appetite for so-called tech unicorns

  • that have achieved valuations of 1 billion or more without tapping the public markets.

  • Pricing is March 1st.

February 16th is in the books.

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B1 US FinancialTimes streak tech pricing snap wall street

Wall Street snaps winning streak

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    missnerdypants posted on 2017/02/17
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