Midday Report: Snap Makes Market Debut; U.S. Stocks Retreat From Records

Stocks retreat from records as Wall Street struggle to find the momentum to push higher after Wednesday's massive rally.

Author:: Keris Alison Lahiff
Publish date:: Mar 2, 2017 11:54 AM EST

Stocks retreated from records as Wall Street struggled to find the momentum to push higher after Wednesday's massive rally. Markets enjoyed their best day of the year yesterday. Messaging app Snap (SNAP) - Get Report opened sharply higher in its highly-anticipated public float. Shares rocketed more than 40% higher in the largest IPO since 2014. Snap offered 200 million non-voting shares to the public. Burger chain Shake Shack (SHAK) - Get Report saw weaker sales than anticipated over its recent quarter. Sales at locations open at least two years rose 1.6%. That was 100 basis points below targets. Abercrombie & Fitch (ANF) - Get Report jumped even after reporting on an underwhelming fourth quarter. Sales at its namesake brand declined 13%, while sales at its Hollister brand fell 1%.