By CCN: The Dow stumbled toward a brutal pullback on Thursday after the index’s third-largest stock cratered following another bout of earnings mayhem. Meanwhile, the US presidential contest is heating up, with Joe Biden vowing to “save the world” from Donald Trump, and the president nakedly mocking the ex-VP’s intelligence.
Dow Gets Pummeled as Third-Largest Stock Drops Brutal Earnings Shock
Shortly after the opening bell, the Dow Jones Industrial Average had crashed by 180.93 points or 0.68 percent, slamming the DJIA down to 26,416.12. The S&P 500 held near its previous-day close, falling 0.03 percent to 2,926.37. The Nasdaq, on the other hand, surged 0.58 percent to 8,147.68 after Facebook stock jumped by a jaw-dropping 8.5 percent.
On Wednesday, the stock market endured losses across all three major indices. The Dow shed 59.34 points or 0.22 percent to drop to 26,597.05. The S&P 500 declined 0.22 percent to 2,927.25 to pull back from its all-time high, as did the Nasdaq, which fell 0.23 percent to 8,102.02.
This morning, a suddenly-vicious earnings season battered the Dow. The index’s third-largest component, 3M, performed downright disastrously during the first quarter, and the outlook remains so ugly that the Post-it note manufacturer revealed that it would slash 2,000 jobs in a desperate bid to cut costs.
“The first quarter was a disappointing start to the year for 3M,” Chief Executive Officer Mike Roman said in the statement,