Investing.com – Wall Street was mixed on Thursday, with disappointing results from 3M weighing on the .
The fell 8 points or 0.3% by 9:44 AM ET (13:44 GMT), while the Dow slumped 261 points or 0.9% and tech-heavy gained 23 points or 0.3%.
3M (NYSE:)fell 10.5% after it announced it is laying off 2,000 workers globally, while its profit for the first-quarter was lower than expected. Meanwhile strong results from Facebook (NASDAQ:) and Microsoft (NASDAQ:) helped rally the Nasdaq, with the companies rising 7.2% and 3.4% respectively.
“Facebook and Microsoft are prominent names and you would think that they’d be able to put the market on their shoulders and pull it higher, but 3M is a little more indicative of the global economy because its products are sold ubiquitously,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
Elsewhere, Tesla (NASDAQ:) fell 2.6% after it posted a bigger-than-expected loss, while UPS slumped 5.4% due to severe U.S. weather impacting its first-quarter results. Boeing (NYSE:) inched down 0.1%, while Caterpillar (NYSE:) was down 1.3% and Verizon (NYSE:) declined 1%.
Comcast (NASDAQ:) jumped 2.8% after its earnings were boosted by its Sky acquisition, while Lam Research (NASDAQ:) gained 5.5% and the Hershey Company (NYSE:) was up 5%.
In commodities, rose 0.3% to $1,283.65 a troy ounce, while fell 0.1% to $65.81. The , which measures the greenback against a basket of six major currencies, was flat at 97.852.
-Reuters contributed to this report.
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