3M Co's logs worst-ever price drop, caps Dow's McDonald's-Caterpillar fueled rally
The Dow Jones Industrial Average on Tuesday enjoyed a 100-point gain, powered by potent rallies in Caterpillar Inc., and McDonald's Corp., even as a tumble in 3M Co. exacted a mighty toll from the blue-chip gauge. Shares of 3M Co. slashed about 70 points from the Dow and helped the the maker of Post-it Notes, Scotch tape and Ace bandages post its worst-ever daily price decline on record, off $10.61, or 5.1%, according to WSJ Market Data Group, tracking data going back to 1972. That historic drop, however was more than offset by surges in shares of McDonald's and Caterpillar . The pair of Dow components, which both reported quarterly results that beat Wall Street's estimates, contributed 95 points to the average's gains . Shares of McDonald's were on pace for their best dollar gain since Oct. 2015, tacked on more than 50 points to the price-weighted Dow, while a rally in industrial giant Caterpillar's stock added about 40 points to the blue-chip indicator. Overall, the Dow closed up 0.5%, the S&P 500 index finished at a record, up 0.3% as did the Nasdaq Composite Index , which finished flat but enough to wrap up in positive territory.
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