US stocks retreat as Snap surges in debut

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New York - US stocks retreated and European equities were little changed on Thursday as investors paused for breath following strong gains earlier this week.

Analysts said a pullback in the broader market was to be expected after US stocks gained more than one percent in a heady session Wednesday that left all three indices at records.

The main focus of attention in the US was the initial public offering of Snap, the parent company of instant messaging service Snapchat, which observers said could be the hottest new listing this year.

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