Tag: stock market

The S&P 500 index on Friday is attempting to break above a level that represents a retracement of about 68% of its recent market downturn earlier this month. The so-called Fibonacci retracement level between 2,742 and 2,744, is viewed as a level that has proved elusive for the broad-market benchmark to overcome since entering correction territory, described as a decline of at least 10% from a recent peak, on Feb 8, along with the Dow Jones Industrial Average and the Nasdaq Composite Index . The Fibonacci ratio, made famous by a 13th-century mathematician named Leonardo Fibonacci of Pisa, is based on a number sequence in which the sum of two adjacent numbers forms the next higher number. The calculation is viewed by market technicians as a significant component for price discovery of an asset. Most recently, the S&P 500 was up 1.5% at 2,743, threatening to close above that technical line.

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The U.S. Secret Service said Friday it apprehended a female driver after a vehicle struck a security barrier near the White House. The vehicle didn’t breach the barrier of the White House complex, the Secret Service said on Twitter.

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The Nasdaq Composite Index is rallying on Friday, capping a curious week for the technology laden index that places it a mere 2.4% from its all-time high set on Jan. 26. The Nasdaq Composite , most recently, was up 116 points, or 1.2%, at 7,326.69, putting it 180 points or 2.4% shy of its record at 7,505.77. That represents a roughly 8.1% gain over 10 trading sessions for the benchmark, which is viewed as a proxy for risk appetite on Wall Street, since it tumbled into correction territory on Feb. 8, along with the Dow Jones Industrial Average and the S&P 500 index . A correction is typically defined as a drop of at least 10% from a recent drop. The Dow and S&P 500 also were recovering sharply, but the Nasdaq has been outperforming both of its peers, even after marking a four-day losing stretch on Thursday–its longest skid since Nov. 4, 2016.

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Dropbox Inc. publicly filed for an initial public offering Friday, setting the stage for a long-awaited debut of a Silicon Valley startup that was valued at $10 billion in private investment four years ago. The cloud-based online storage network estimated that it would seek to raise $500 million in the offering, though that figure is typically a placeholder that will be updated in later filings. The company, which was founded in 2007, revealed growing revenue and shrinking losses in the filing. Revenue rose from $603.8 million to $844.8 million to $1.1 billion in the last three calendar years, while losses fell from $325.9 million to $210.2 million to $111.7 million in the same time period. Dropbox has raised more than $600 million in private funding, and was valued at $10 billion in its last round in January 2014, according to The Wall Street Journal. The company plans to list on the Nasdaq exchange under the ticker symbol DBX, and Goldman Sachs and J.P. Morgan are listed as lead underwriters among 12 banks named.

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President Donald Trump said the U.S. could join the Trans-Pacific Partnership, but under terms that are better for the nation. Speaking at a news conference with Australian Prime Minister Malcolm Turnbull, Trump said “there’s a possibility we would go in,” but “they would be offering us a much better deal.” Nearly half of the Senate’s 51 Republicans have urged Trump to revive talks with other countries on the trade pact, which Trump rejected last year.

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Nordstrom Inc. shares are up 4.6% in Friday trading after a Reuters report that the luxury retailer is finalizing plans to go private. The Nordstrom family has met with investment banks and could submit the offer next month. Nordstrom suspended previous talks to go private after talks for a $10 billion deal with private-equity firm Leonard Green & Partners faltered. Nordstrom shares are up 19.6% for the past year while the S&P 500 index is up 15.4% for the last 12 months.

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Oil futures ended higher Friday, maintaining gains after data showed the number of U.S. rigs rose by 1 this week. West Texas Intermediate crude for April delivery rose 78 cents, or 1.2%, to end at $63.55 a barrel.

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Universal Standard, a women’s fashion brand that describes itself as “size-inclusive,” said Friday that it has closed a $7 million round of Series A funding. The funding round was led by Imaginary Ventures with additional participation from actress and Goop founder Gwyneth Paltrow, Elizabeth Cutler, co-founder of SoulCycle, and Blake Mycoskie, founder of the Toms brand of shoes, apparel and accessories. Universal Standard says it will use the money to extend its range to sizes 6 to 32. Currently, it offers sizes 10 to 28. The company also plans to make executive hires, build showrooms nationwide and grow into new categories. Universal Standard launched an eight-piece collection in fall 2016, and now offers workwear, coats, activewear, and more. The SPDR S&P Retail ETF is up 9.2% for the last three months while the S&P 500 index is up 5% for the period.

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Gold closed marginally lower Friday, logging it biggest weekly drop this year as the U.S. dollar recovered from its earlier weakness. April gold fell $2.40 or 0.2%, to settle at $1,330.30 an ounce, falling 1.7% for the week, while March silver lost 10 cents, or 0.6%, to $16.48 an ounce, posting a weekly decline of 0.8%. The dollar stabilized on a belief that investors will continue to bid up the buck in anticipation of the Federal Reserve raising interest rates which tend to result in the currency strengthening. The ICE U.S. Dollar Index edged up 0.1%.

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The financial services industry is “highly competitive” and subject to stark disruptions, including from cryptocurrencies, Bank of America said in its annual filing with the Securities and Exchange Commission Thursday. The bank referred to cryptocurrencies as “other market participants who engage in business or offer products in areas we deem speculative or risky.” It was the first time the bank had acknowledged crypto as a risk factor. Shares are up more than 29% over the past 12 months, nearly double the return for the S&P 500 .

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