· The Dow Jones Industrial Average dropped on Thursday as a sharp decline in 3M shares dragged the 30-stock index.
The Dow fell 134.97 points to 26,462.08 as shares of 3M dropped 12.9% after the company reported earnings that were much lower than analysts had expected. The company also slashed its full-year outlook and announced plans to cut 2,000 jobs worldwide. 3M shares posted their worst day since Oct. 19, 1987, also known as Black Monday.
· CEO Mike Roman said the quarter was “disappointing,” noting: “We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves.”
· The S&P 500 and Nasdaq Composite fared better than the Dow, as Facebook and Microsoft jumped on strong quarterly numbers.
The S&P 500 ended the day marginally lower at 2,926.17, with gains in the health care and communications sectors offset a 2% drop in industrials. The Nasdaq, meanwhile, rose 0.2% to 8,118.68 and hit an intraday record.
· Shares in Asia declined in Friday morning trade after the Dow Jones Industrial Average dropped more than 100 points overnight.
In Japan, both the Nikkei 225 and Topix slipped 0.86% each in early trade, Over in South Korea, the Kospi declined 0.66%.
Japan is set to begin a 10-day holiday from April 27 to May 6 to celebrate the enthronement of the country’s Crown Prince Naruhito.
Reference: CNBC
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