Stocks across Europe closed with minor losses Thursday, after rallying the previous day as investors saw the possibility of gains for European companies from a rise in U.S. fiscal spending. The global rally in stocks Wednesday followed comments from U.S. Federal Reserve officials that suggested the world's largest economy is ready for another interest rate hike. Also, U.S. President Donald Trump said he'll push Congress for $1 trillion in infrastructure investment.

The Dow shed more than 100 points Thursday to finish barely above 21,000 as weak financial shares dragged on the market while Wall Street focused on social app Snap Inc., which soared on its trading debut. Markets have been in rally mode since the November election, largely on anticipation that President Donald Trump would push for policies on taxes and regulation that will accelerate economic growth and boost corporate profits.

Asian shares took a breather after U.S. peers capped the worst day since January as bets increased that the Federal Reserve will raise rates in two weeks. The dollar snapped its five-session winning streak as investors await further clues on the timing of the U.S. interest rate hikes from Fed Chair Janet Yellen's speech in Chicago later today.