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Home / Business / Dow slips 250 points after 3M loss

Dow slips 250 points after 3M loss



  Traders work with monitors displaying 3M Co. signs on the New York Stock Exchange (NYSE) floor in New York.

Michael Nagle | Bloomberg | Getty Images

Traders work under monitors displaying 3M Co.'s signs on the New York Stock Exchange (NYSE) floor in New York.

Facebook shares rose more than 8% after their first quarter 2010 earnings showed promising growth Stories and ads.

"We believe that investors will be further reassured by incremental financial risk due to concerns about content and privacy," said Guggenheim Partners analyst Michael Morris. "The company is proactively and ultimately addressing these issues while expanding core monetization and new initiatives."

The analyst raised his price target on Facebook from $ 200 to $ 220 per share.

Microsoft climbed by more than 4%. The better than expected result was driven by a 41% increase in business cloud revenue. Growth was led by Azure, which posted a 73% increase in sales.

According to FactSet, more than 170 S & P 500 companies have reported quarterly results so far. Of these companies, 78% achieved a better result than expected. "The company is proactively and finally addressing these issues and expanding its core monetization and new initiatives.

" As the winning season approaches half, the news was good enough to keep the cops in their positions, and there were few examples of really disturbing news, "said Michael Shaoul, chairman and CEO of Marketfield Asset Management, in a statement. The worst we can say is that in some cases investors are more hopeful than usual, especially in the key semiconductor sector, where many issuers priced in a strong second-half upturn, but this is unlikely in the short term Be factor.

Wall Street ended the session on Wednesday due to mixed corporate results, with the S & P 500 hit an all-time high earlier this week, around half a percent below its intraday record.

-CBC's Silvia Amaro contributed to this report.


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