Markets Right Now: 3M leads declines in industrial stocks
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Major U.S. stock indexes ended mostly lower on Wall Street, dragged down by losses in several industrial companies.
3M, which makes Post-it notes and many other products, plunged 12.9% in heavy trading after announcing weak results and a restructuring program. It was the biggest loss for the company since the market crash of 1987.
The loss for 3M pulled the Dow Jones Industrial Average into the red, but other indexes finished mixed.
Facebook and Microsoft both rose after reporting strong earnings, pushing the Nasdaq higher.
The S&P 500 index slipped 1 point to 2,926.
The Dow lost 134 points, or 0.5%, to 26,462. The Nasdaq rose 16 points, or 0.2%, to 8,118.
Two stocks fell for every one that rose on the New York Stock Exchange.
Stock indexes held close to their record highs as blowout results from big-name tech companies offset slumps in industrial companies that reported disappointing results.
Facebook and Microsoft both reported strong earnings, powering gains in the communications and technology sectors Thursday.
Industrial stocks were broadly lower, weighing down the Dow Jones Industrial Average.
3M sank 10.6% after reporting disappointing results, and UPS fell 6.8%. Tesla fell 2.9% after reporting a huge loss.
The S&P 500 rose 4 points, or 0.1%, to 2,931.
The Dow lost 115 points, or 0.4%, to 26,481. The Nasdaq rose 32 points, or 0.4%, to 8,137.
Bond prices fell. The yield on the 10 year Treasury rose to 2.53%.
Stocks are opening mostly lower on Wall Street as industrial and health care companies post losses.
3M sank 10% in early trading Thursday after reporting disappointing first quarter results. That helped pull the Dow Jones Industrial Average down more than other major indexes.
Facebook and Microsoft both rose sharply after releasing surprisingly strong results after the closing bell on Wednesday. Facebook climbed 7.2% and Microsoft rose 3.6%.
Tesla fell 1.8% after reporting a huge loss.
The S&P 500 index fell 6 points, or 0.2%, to 2,919.
The Dow Jones Industrial Average lost 226 points, or 0.8%, to 26,376. The Nasdaq rose 19 points, or 0.2%, to 8,119.
Bond prices didn’t move much. The yield on the 10 year Treasury held steady at 2.52%.