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The major US equity indexes closed lower on Thursday, retreating after logging the strongest performance of this year on Wednesday.

Here's the scoreboard:

• Dow: 21,013.43, -102.12, (-0.48%)
• S&P 500: 2,382.17, -13.79, (-0.58%)
• Nasdaq: 5,862.27, -41.76, (-0.71%)
• 10-year yield: 2.491%, +0.029

1. Snap surged in its trading debut. The parent company of Snapchat opened for trading at $24, up about 41% from the IPO price of $17 apiece. At the opening price, Snap had a valuation of about $33 billion, surpassing stalwarts like Viacom and HP.
2. There's already a "sell" rating. "Investors in Snap will be exposed to an upstart facing aggressive competition from much larger companies, with a core user base that is not growing by much and which is only relatively elusive," said Pivotal Research Group's Brian Wieser. He has a $10 price target — 58% lower than the opening price. 
3. Initial jobless claims are at the lowest level since 1973. Claims, which count the number of people who applied for unemployment insurance for the first time in the past week, dropped by more than expected to 223,000.
4. Bitcoin climbed above gold for the first time. The cryptocurrency rose to $1,241.30 around 10:20 a.m. ET. Meanwhile, gold was $1,241.25 at the time. 
5. Caterpillar facilities in Illinois were searched by law enforcement authorities with a warrant. The Peoria Journal Star newspaper reported that people with Internal Revenue Service jackets were seen entering the headquarters. Caterpillar shares fell 4%. 
6. Boeing is planning 1,500 voluntary job cuts. Employees were notified this week that the International Association of Machinists and Aerospace Workers union said it didn't know if this met Boeing's target or could still be followed by compulsory layoffs, the WSJ reported.

Additionally: 

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JOSH BROWN: Here's why I'm not buying Snapchat

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 For the first time ever, the price of one Bitcoin has surpassed the price of one ounce of gold. While today’s swap can be attributed to a good day for Bitcoin (up ~3%) and a bad day for gold (down ~1.3%), the big picture is that Bitcoin has more than doubled in the last year (up ~185% from a year ago) while gold is essentially trading exactly at the price it was a year ago. Even… Read More

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The post Bitcoin Versus Gold: Advocates Engage In Lively Debate On CNBC appeared first on CryptoCoinsNews.

The price of bitcoin has risen steadily recently on anticipation of potential SEC approval of a bitcoin ETF, giving the cryptocurrency a market capitalization of $20 billion for the first time.

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

Snap Inc. surged in its debut as a publicly traded company Thursday, after raising a greater than expected $3.4 billion in its initial public offering.

Shares of Snapchat's parent company opened for trading at $24, up about 41% from the IPO price of $17. You can follow Snap's latest share price movements by clicking on intraday here. 

Here are the headlines:

• Snapchat's two 20-something founders are each worth ~$4 billion — more than Facebook offered to buy their whole company four years ago
• Snapchat's first investor — whose stake is now worth $2 billion — found Snapchat when it had less than 100,000 users
• Imran Khan swapped Wall Street for a huge role at Snapchat and earned $150 million in 2 years
• Snapchat's first VC convinced his daughter's high school to invest $15,000, worth tens of millions' today
• SEC advisory committee to question Snap's transparency for investors
• Snapchat already has a "sell" rating, and the analyst thinks it will crash 58%
• JOSH BROWN: Here's why I'm not buying Snapchat
• Here's a behind-the-scenes look at what a typical IPO is like

President Trump took a victory lap on the stock market's record high in an early-morning tweet. But while stock markets have been banging out record highs and enthusiasm for the economy has been surging, there may be a reason for caution before buying into the narrative of a President Donald Trump-fueled economic turnaround.

Warren Buffett is all set to win a $1 million bet with this hedge fund

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Here are the top Wall Street headlines from the past 24 hours.

Another warning sign is popping up in the stock market - Add a flattening yield curve to the number of warning signs that are popping up and suggesting this historic stock-market rally is nearing an end. 

Bitcoin climbs above gold for the first time - The price of one bitcoin climbed above the price of one ounce of gold for the first time ever on Thursday.

Monster Beverage soars 15% after beating on revenue - Shares of Monster Beverage, the hugely popular American energy drink manufacturer, are up over 15% Thursday after the company reported fourth-quarter 2016 results that beat Wall Street expectations.

US auto sales rise less than forecast in February - US auto sales rose at an annualized rate of 17.58 million in February, according to Autodata.

Businesses are expecting inflation to rise in the coming months, Fed's Beige Book says - Businesses are expecting prices to rise modestly in the coming months, according to the Federal Reserve's latest Beige Book released on Wednesday.

A 29-year-old founded a biotech startup to cure rare cancers after he got a life-changing diagnosis - David Hysong's life is like something out of a James Bond film. 

United Airlines CEO reveals one piece of health advice that saved his life - For United Airlines CEO Oscar Munoz, October 15, 2015, started like most days – with an early morning trip to the gym.

Range Rover's stunning Porsche fighter is here — and it's a high-tech marvel - The Range Rover we've all been waiting for is here. On March 1, Jaguar Land Rover unveiled the latest addition to its burgeoning line-up of luxury off-roaders, the Range Rover Velar. 

We tried Cadillac's $1,500-per-month subscription service for cars to see if it's worth it - General Motors is making it clear that it doesn't just want to be known as a carmaker.

The 8 cities the world's super wealthy elites are moving to right now - Luxury estate agent Knight Frank and Wealth-X, the research firm that concentrates on high net worth individuals, just released their comprehensive annual report on where they are buying property and how much it costs them.

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A bill that would have enabled North Dakota's government officials to study virtual currency regulation has failed.

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Like many small-business owners, Mark Isreal was short on cash when he started Doughnut Plant.

He relied on resourcefulness and creativity to execute a simple plan for growth: make a great product and reinvest every dollar.

Even now — 20 years later, with a growing doughnut empire under his belt — Isreal remains intent on finding new and creative ways to invest in his company.

So when inspiration struck for the Ripple Doughnut, a $24 cake-sized doughnut featuring three rings with different yet complementary flavors, Isreal decided on a novel game plan to bankroll the product launch. Instead of digging into his reserve cash, he funded the project entirely from the points he earned with his Chase Ink Business credit card.

Rewards points were redeemed for cash to purchase things like custom dough cutters and ingredients. In total, Isreal says he invested 80,000 points, which he had earned by paying for business expenses with his Chase Ink Business credit card.

Isreal says that going about it this way eliminated the sense of risk, which let him experiment without the fear of failure.

"When you use points, it's like you're not really spending money," he said. "It gave me a lot more freedom."

And that lack of restriction has paid off in what might be the most-buzzed-about doughnut ever.

The Ripple Doughnut has its own hashtag and has been covered by dozens of media outlets. And that valuable earned media for Doughnut Plant and the Ripple Doughnut came without any out-of-pocket expense.

Perhaps most shockingly, even though the Ripple Doughnut is sold in only one New York City shop, it has been discussed on social media in countries spanning the globe, from Japan and Australia to the UK and India. That's press that will benefit the brand as Isreal expands the footprint of Doughnut Plant.

Needless to say, Isreal is happy with the results of his novel use of points from his Ink Business card to innovate for his business. The success of the Ripple Doughnut has been an inspiration at Doughnut Plant, where the next new doughnut is always around the corner.

"I will keep trying things over and over again to get the doughnut to go where it hasn't gone before," Isreal says. "Customers come to expect it when they come into the Doughnut Plant because of what I've done in the past."

Find out more about how the Chase Ink Business Preferred card offers new ways to earn for your business.

This post is sponsored by Chase Ink Business Preferred. Real business owner compensated for use of his actual statements.

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The price of one Bitcoin climbed above the price of one ounce of gold for the first time ever on Thursday.

The cryptocurrency climbed to $1,241.30 around 10:20 a.m. ET. Meanwhile, gold was around $1,241.25 at the time. Bitcoin dipped below the yellow metal minutes later, but then bounced back again.

As of 10:41 a.m. ET, Bitcoin is up by 1.8% at $1,248.10, while gold is down 0.6% at $1,242.15.

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Bitcoin’s price has reached parity with the per-ounce spot price of gold for the second time in its history.

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The post ‘Bitcoin Creator’ Craig Wright Lines up 70 Blockchain Patents, Backed by Gambling Billionaire appeared first on CryptoCoinsNews.

The man who controversially claimed to be bitcoin's inventor has featured in a report claiming he is making a "land grab" for bitcoin patents.

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The post Bitcoin Just Surpassed Gold Parity appeared first on CryptoCoinsNews.

A consortium of 47 banks has completed a distributed ledger technology pilot using

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