Tech Stocks Rally But 3M Drags Down Dow

By Staff Reporter
Posted on 04/25/19 | News Source: FOX Business

The Nasdaq ended higher Thursday after good earnings reports from Facebook and Microsoft late Wednesday, but the Dow Jones Industrial Average was dragged down by the biggest slump in manufacturer 3M's shares in about 30 years.

Amazon, Ford Motor and Starbucks all report earnings after the bell Thursday.

Facebook shares rose after its first-quarter numbers showed growth in advertising revenue despite the threat of a $5 billion fine from regulators.

The Dow Jones Indusrial Average ended lower though as a sharp decline in 3M shares dragged the 30-stock index down.  The Dow fell after 3M reported earnings that were much lower than expected, the company cut its full-year outlook, and announced plans to cut 2,000 jobs worldwide. Shares of the industrial, health-care and consumer products company saw their biggest one day fall since the market crash in 1987 on high volume of more than 11 million shares, cutting its market capitalization by more than $16 billion. 

Microsoft climbed as its better-than-expected earnings were driven by a jump in its cloud server revenue.

The benchmark S&P500 index was little changed.  Earlier this week, the S&P 500 notched an all-time closing high and remains about half a percent below its intraday record.