Stocks mostly lost ground on Wednesday, as the S&P 500 and the tech-heavy Nasdaq both fell.
Federal Reserve Chairman Jerome Powell re-emphasized the long path to economic recovery that still remains, saying that while the unemployment rate is nominally 6.3%, the true unemployment rate was probably closer to 10%.
These comments weren’t enough to phase the Dow Jones Industrial Average, however. The blue-chip benchmark rose 61 points, or 0.2%, to finish at 31,437, a new closing record.
Dating app Bumble going public on Thursday. The popular online dating app Bumble is going public on Thursday, having outlined updated numbers on what it’s seeking to raise in its IPO on Wednesday.
Bumble is offering more shares at higher prices than previously estimated; if Wednesday’s numbers hold, the company may raise around $1.8 billion on Thursday, well above the roughly $1 billion it had planned to raise in older filings with the Securities and Exchange Commission.
Bumble’s initial valuation looks to be around $7 billion, which, although large, makes it just a fraction of the more than $45 billion price tag rival Match Group (ticker: MTCH) currently fetches.
Reddit turns to pot. It may be happening again. A contingent of traders on Reddit’s r/WallStreetBets page have turned their focus to marijuana stocks. Tilray ( TLRY) shares jumped 50.9% on Wednesday, just a day after roaring more than 40% higher. Other leading weed stocks like Aphria ( APHA) and Canopy Growth Corp. ( CGC) also advanced on Wednesday, adding 10.7% and 6.3%, respectively.
Twitter earnings impress. Monetizable daily active users on social media giant Twitter ( TWTR) rose 27% year over year in the fourth quarter, driving revenue growth of 28%, far better than what analysts were expecting. A flurry of analyst price target hikes followed the report, helping push Twitter shares to 13.2% gains on Wednesday.
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