NEW YORK, April 25 — The Dow nosedived early today on a bruising earnings report from industrial company 3M, while strong Microsoft and Facebook results boosted the Nasdaq.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.8 per cent at 26,374.95.
The broad-based S&P 500 slipped 0.1 per cent to 2,923.62, while the tech-rich Nasdaq Composite Index climbed 0.5 per cent to 8,140.99.
3M, which makes a wide variety of industrial goods and tools as well as everyday items such as Post-It notes, plunged 10.4 per cent after reporting weaker-than-expected profits on falling sales.
The company also said it was cutting 2,000 jobs worldwide, citing weakness in key markets.
But Facebook surged 7.1 per cent following its report, while Microsoft jumped 4.3 per cent, lifting its market capitalisation above US$1 trillion.
Among others reporting results, Tesla Motors fell 0.9 per cent, UPS slumped 6.8 per cent and Lam Research surged 6.5 per cent.
Briefing.com analyst Patrick O’Hare summed up the reports as “the good, the bad and the ugly.”
Analysts were also encouraged by US data showing an unexpected jump in durable goods in March, rising on strong demand for aircraft and communications equipment along with record auto sales. — AFP
