Ferrari Zooms Higher in Market Debut, Closes Nearly 6% Above IPO Price

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Ferrari zooms higher in market debut, closes nearly 6% above IPO price

Claman on Call: FBN’s Liz Claman with an after-hours web exclusive on the markets, corporate earnings, Ferrari’s first day of trading and oil prices.

Stocks gave us an early rally but it just couldn't hold. In a late day sell-off, the Dow lost 48 points to close at 17,168, the S&P shed 11 points and the Nasdaq fell 40 points.

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Investors bid up shares of eBay after hours after the e-commerce site beat The Street on both profit and revenue. Ebay also affirmed its growth outlook for the year.

American Express fell after hours after profit and revenue both came in below estimates. Just like IBM (NYSE:IBM) and Coca-Cola (NYSE:KO) before it, the financial services giant blamed continued headwinds from the strong dollar.

Ferrari (NYSE:RACE) blasted out of the gate on its first day of trade before falling closer to Earth. Shares skyrocketed 17% just after the open, trading under the ticker "RACE." Ferrari slowed just a bit but still finished the day up nearly 6%.

Health care stocks should've called in sick Wednesday. The sector was the biggest drag on the S&P 500 after Hillary Clinton said she had "serious concerns" about some pending mergers.

Oil slipped to its lowest level in three weeks. A new report revealed a much bigger-than-expected jump in supply, pushing the price down by 2.4% to end the session at $45.20 a barrel.

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