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Wall Street retreats after rally; Caterpillar, financials fall


U.S. stocks retreated on Thursday, led by financial stocks, while Caterpillar (CAT. N) shares dropped following news that federal officials searched its Illinois facilities. Caterpillar (CAT. N), down 4.6 percent, was the biggest drag on the Dow and among the biggest negatives for the S&P 500. It was not immediately clear why federal agents raided the three locations. Financials led the decline among S&P 500 sectors, with the S&P financial index . SPSY down 1.3 percent and on track for its biggest daily percentage decline since mid-January. Bank stocks had surged on Wednesday on expectations increased that the Federal Reserve will hike interest rates this month. The S&P 500 and the Nasdaq had their best day since the November election after U.S. President Donald Trump's measured tone in his first speech to Congress lifted optimism. "I don't attribute it to too much, other than the market taking a little bit of a break," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago."Investors are looking at the run and saying we're up a significant amount since the election. Clearly, this pace isn't going to continue, and people are rotating to the parts of the market that have not participated" as much in the post-election rally.

Investors also are watching the trading debut of Snap Inc (SNAP. N), the parent company of messaging app Snapchat. The shares were up 51.5 percent at $25.75 after pricing at $17. The Dow Jones Industrial Average . DJI was down 51.13 points, or 0.24 percent, to 21,064.42, the S&P 500 . SPX lost 8.97 points, or 0.37 percent, to 2,386.99 and the Nasdaq Composite . IXIC dropped 30.47 points, or 0.52 percent, to 5,873.56. The S&P 500 is up 11.6 percent since the Nov. 8 election.

Several Fed officials this week have stoked expectations of an interest rate hike this month as the economy strengthens. Fed Chair Janet Yellen is set to speak on Friday and could provide the strongest indication about a move in coming weeks. The Fed's policy-setting meeting is set for March 14-15. Traders have currently priced in a 74-percent chance of a rate hike this month, up from roughly 30 percent at the start of the week, according to Thomson Reuters data.

U.S. law enforcement searches Caterpillar's Illinois facilities CHICAGO Federal law enforcement officials searched three facilities of heavy machinery manufacturer Caterpillar Inc on Thursday, a spokeswoman for the U.S. Attorney Office for the Central District of Illinois said, prompting a sharp selloff in the company's stock.

U.S. jobless claims near 44-year low; rate hike expected this month WASHINGTON The number of Americans filing for unemployment benefits fell to near a 44-year low last week, pointing to further tightening of the labor market even as economic growth appears to have remained moderate in the first quarter.

Amazon blames human error for cloud-service disruption Amazon.com Inc blamed human error for the disruption in its cloud services that resulted in widespread glitches for its clients from news sites to government services on Tuesday.

Your money how a security expert handles identity theft protection


(The author is a Reuters contributor. The opinions expressed are his own.)By Mitch LipkaMay 5 You won't find security expert Michael Chertoff doing silly everyday things like using public WiFi, logging in with the same password on every site he uses, clicking on dubious links or falling for a phishing scam. Chertoff, former secretary of the U.S. Department of Homeland Security and co-founder and chairman of The Chertoff Group, a global security advisory firm based in Washington, D. C., takes the job of protecting information, and the related threats we all face, seriously. From the vantage points of the various positions he's held, the world looks a bit scarier."Malicious cyber activity is occurring on an unprecedented scale with extraordinary sophistication," Chertoff says. Indeed, even the casual observer likely is aware that users of electronic devices place themselves and their confidential information at risk. Hardly a month goes by between data breach announcements - like those of AOL Inc and general crafts retailer Michaels Stores in April - and alarming internet attacks like the Heartbleed bug. With an estimated 87 percent of American adults online, according to Pew Research, that's a lot of people rolling the dice with personal and financial information on their devices. Some 11 million Americans were victims of identity theft just last year, according to the U.S. Department of Justice. While individuals can't prevent every sort of potential incursion, Chertoff preaches the importance of "cyber hygiene" as part of a routine to protect your turf."Eighty percent of cyber attacks are preventable if we all practiced basic cyber hygiene, such as turning off your computer at night and using complex passwords," he says. PASSWORDS

You can either make it easy for the bad guys, or hard - and it's not that difficult to make it hard, Chertoff says. Come up with a different, complex password for every site you use that has key information you wouldn't want shared. To keep track of his own numerous passwords, Chertoff has a list, but he's cautious about where he stashes it."It's in a safe place and not easy to find," he says. He also has a strategy for sites that make you come up with security questions for when you forget your password or log in from a different computer. Chertoff prefers the ones that let you make up your own questions and answers since the possibilities are endless, as well as those that ask for an answer that's an opinion (like who your favorite teacher was) rather than a fact. Using your mother's maiden name, the street you grew up on, or the school you attended as a child are the sorts of things that could easily be gleaned online, he says. So, when he responds to formatted questions, they're never the straight answer; they always have a twist. Just what the twist is he won't say, but he suggests coming up with your own spin to avoid tripping yourself up.

SAFETY ON THE ROAD Public WiFi is just about everywhere we go, and it's tempting to access when you are at a coffee shop, in a hotel lobby or at an airport. But it's a temptation Chertoff rebuffs."I'm sure there are some hotel WiFi arrangements that are more secure than others," he says. "But I'm not interested in experimenting with myself to find out."For the most part, Chertoff says, going onto public WiFi opens the door wide to data theft. Anything you transmit, he says, someone else can intercept."I've even seen professionals transmit sensitive material in a lounge using free WiFi," Chertoff says. "It kind of takes me aback."

It's the same with thumb drives, which can carry malicious software. "I don't accept thumb drives from other people unless I am going to use it as a key chain."When he's traveling, Chertoff uses MiFi, a small device available from most carriers that allows users to password-protect access and use an encrypted connection. SHOPPING AND SOCIALIZING Chertoff shops online, but not just anywhere. He takes common-sense precautions by going directly to whatever site he wants to use rather than clicking a link that was emailed to him. And it's important to be sure the connection is secure."I deal with online vendors I know to be reputable," Chertoff says. "I tend to repeat the same ones over and over again."When it comes to social networks like Facebook, he says, it's vital to take the step of evaluating what information you're giving away when you're posting."The more data you put out about what you're doing, the more information they have," Chertoff says. Whether it's about when you're going on vacation or tidbits of personal information, he says, those details can be converted into opportunities to do anything from breaking into your home to conning you or your friends. In the end, we're all still vulnerable. It's just a matter of how vulnerable."You can't completely eliminate the risk," Chertoff says. "At least you're avoiding the obvious problems." ; var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $('.related-content.group-one ul'); var $relatedContentGroupTwo = $('.related-content.group-two ul'); $.each($relatedItems, function(k,v) { if (k + 1 = median) { $relatedContentGroupOne.append($relatedItems[k]); } else { $relatedContentGroupTwo.append($relatedItems[k]); } }); } else { $('.third-article-divide').append($('div class="related-content group-one"h3 class="related-content-title"Also In Market News/h3ul/ul/div')); $('.related-content ul').append($relatedItems); } },500); } Next In Market News BRIEF-Boeing, Travel Service finalize order for five additional 737 MAXs * Boeing, Travel Service finalize order for five additional 737 MAXs BRIEF-Arthur J. Gallagher & Co buys chicago-based Gruppo Marcucci LLC * Arthur J. Gallagher & Co acquires Chicago-based Gruppo Marcucci LLC BRIEF-Chatham Lodging Trust says files for potential mixed shelf; size undisclosed * Says files for potential mixed shelf; size undisclosed - SEC Filing Source text - this site Further company coverage: MORE FROM REUTERS window._taboola = window._taboola || []; _taboola.push({ mode: 'organic-thumbnails-a', container: 'taboola-recirc', placement: 'Below Article Thumbnails - Organic', target_type: 'mix' }); Sponsored Content @media(max-this site) { #mod-bizdev-dianomi{ height: 320px; } } From Around the Web Promoted by Taboola window._taboola = window._taboola || []; _taboola.push( { mode: 'thumbnails-3X2', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' } ); window._taboola = window._taboola || []; _taboola.push