Some highlights of this past week’s news in finance
Snap, the owner of the popular social media app Snapchat, announced a deal with A&E Network to develop an original series for Snapchat’s Discovery platform. A&E joins BBC’s Planet Earth, along with The Bachelor and The Voice as other shows available on the multimedia application.
The company is expected to launch its highly discussed IPO in March. Initially, the expected value of the company was between $20 and $25 billion. However, the company announced on Thursday that it now expects to target a valuation between $19.5 billion and $22.3 billion. This shouldn’t worry investors as this move is made to ensure sufficient investor demand as the company continues to travel on roadshows to meet with investors in the coming weeks.
Earlier this week, the S&P 500 topped $20 trillion in market cap further benefiting from the “Trump Bump”. The financial sector led the way for much of the week in gains as investors consider the potential of rising interest rates, high levels of stimulus spending, and decreased regulations for businesses.
On Thursday, The S&P 500 and the Nasdaq both snapped their high gains streak even with positive analyst expectations and a lower than expected U.S. jobless claims report, signifying strong financial health.
The U.S. Dollar rose as Federal Reserve Chairwoman Janet Yellen remarked that it would be best if interest rates continued to rise at a moderate rate. This rise comes just two weeks after the U.S. Dollar experienced its worst January in 30 years partly due to President Trump’s remarks that Germany, China, and Japan had exploited currencies to gain a trade advantage over the U.S.
These remarks come after speculation that the administration will focus on the value of the dollar given President Trumps’ “America First” platform.
Independent Finance | Economics Blogger