3M Co
Change company Symbol lookup
Select an option...
MMM 3M Co
PSA-M Public Storage
BDX Becton Dickinson and Co
GGN GAMCO Global Gold, Natural Resources & Income Trust
GUT Gabelli Utility Trust
CHD Church & Dwight Co Inc
CHY Calamos Convertible & High Income Fund
CHW Calamos Global Dynamic Income Fund
CCVIX Calamos Convertible Fund Class A
ETY Eaton Vance Tax-Managed Diversified Equity Income Fund
Go

Industrials : Industrial Conglomerates | Large Cap Blend
Company profile

3M Co is a technology company. The Company operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. Safety and Industrial segment consist of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. Transportation and Electronics segment consists of electronics, including display materials and systems, electronic materials solutions, automotive and aerospace, commercial solutions, advanced materials, and transportation safety. Health Care segment’s products and services include medical and surgical supplies, skin health and infection prevention products, oral care solutions, separation and purification sciences, health information systems and food safety products. Consumer segment serves consumers and consists of home improvement, stationery and office supplies, home care and consumer health care.

Closing Price
$175.06
Day's Change
-3.70 (-2.07%)
Bid
--
Ask
--
B/A Size
--
Day's High
179.45
Day's Low
174.61
Volume
(Heavy Day)
Volume:
3,363,387

10-day average volume:
2,254,243
3,363,387

UPDATE: Dow ekes out record close after Powell says reclaiming lost jobs the focus, inflation not a worry

4:23 pm ET February 10, 2021 (MarketWatch)
Print

By William WattsJoy Wiltermuth

U.S. stocks closed mixed, though the Dow eked out a new all-time high, after Federal Reserve Chairman Jerome Powell said he remained focused on getting Americans back to work and downplayed the risk of runaway inflation.

A report on U.S. inflation also showed investors have little to worry about, for now, giving a brief boost to stocks in early trade.

Stocks on Tuesday saw little movement, with the Dow and S&P 500 posting small losses to snap a six-day winning streak for both indexes, while the Nasdaq Composite eked out a small gain to capture another record close. The small-cap Russell 2000 outpaced its larger-cap siblings with a 0.4% gain to also post another record finish.

See:Is the stock market due for a correction in 2021? Here's what some experts think (https://www.marketwatch.com/story/is-the-stock-market-due-for-a-correction-in-2021-heres-what-some-experts-think-11612916422?mod=home-page)

Fed Chairman Powell on Wednesday said he and his colleagues were focused on getting Americans back to work in the wake of the devastating pandemic, but also stressed that he was not yet concerned with the prospects of runaway inflation, during an afternoon talk on the state of the labor market.

"Inflation has been much lower and more stable over the past three decades than in earlier times," Powell told the Economic Club of New York (https://www.marketwatch.com/story/powell-says-inflation-is-much-lower-more-stable-than-30-years-ago-11612983821?mod=mw_latestnews).

Powell also said that while households have been socking away savings during the pandemic, which could temporarily lead to a boost in demand for products and services as the threat subsides, that he does not expect the bounce to be "large nor sustained."

"I agree with that," said Liz Ann Sonders, chief investment strategist at Charles Schwab, following Powell's remarks, adding that the goods side of the economy, for things like autos, home improvements and electronics, held up well in the past year, which could limit the argument for pent up demand in the months ahead that drives inflation way up.

"The services side, that's just a different animal," she said. "If you didn't get six haircuts during COVID, when salons reopen, you only get one. If you miss three vacations, you don't take three in a row."

Powell again stressed that the Fed would need to see substantial improvement in both employment and inflation before there was any tapering of its $120 billion per month asset purchases.

The U.S. consumer price index rose 0.3% (https://www.marketwatch.com/story/consumer-prices-climb-at-fastest-pace-in-five-months-largely-due-to-cost-of-oil-11612964745?mod=mw_latestnews)in January as expected, after climbing 0.4% a month earlier, but excluding volatile food and energy prices the core CPI was unchanged versus an expected increase of 0.1%. CPI inflation was up 1.4% in the past 12 months.

While the headline economic indicators aren't showing evidence of inflation yet, commodities prices are, noted Andrew Smith, chief investment strategist at Dallas-based Delos Capital Advisors. Raw materials like oil , lumber (WOOD), and corn have all shot higher over the past few months, and may start to pinch Americans' pocketbooks soon, he said.

Even so, Smith told MarketWatch, "We think we've hit a good new stride in the market." While valuations are high in all corners of the market, "We're finally seeing earnings growth," he said.

Investors also remain focused on prospects for another large round of government spending, as well as a slowing pace of new COVID-19 infections, along with the ongoing vaccine rollout.

The U.S. federal budget deficit increased sharply in January to $163 billion from a $33 billion budget gap in the same month of 2020, the Treasury Department said Wednesday, as Washington funneled more financial aid to families and unemployed workers to cushion the latest blow from the coronavirus pandemic. The budget gap in the first four months of the current fiscal year was 89% higher compared to a year earlier (https://www.marketwatch.com/story/u-s-budget-deficit-jumps-to-163-billion-in-january-as-washington-pumps-more-stimulus-into-the-economy-11612983853?mod=mw_latestnews) -- $736 billion versus $347 billion.

President Joe Biden is targeting an $1.9 trillion package and Congressional Democrats have taken steps that would allow them to push through a spending plan without Republican support in the evenly divided Senate via a process known as budget reconciliation. The size of the plan is expected to shrink somewhat, however, due to resistance from some Democrats.

The second impeachment trial of Donald Trump also got underway with arguments in the Senate on Wednesday afternoon. The trial isn't expected to affect financial markets since it isn't seen as interfering with a push toward another round of coronavirus aid spending.

See: 24 bank stocks with dividends of at least 3.57%, three times what 10-year Treasurys pay (https://www.marketwatch.com/story/24-bank-stocks-with-dividends-of-at-least-3-57-three-times-what-10-year-treasurys-pay-11612817887)

Read next: These 'sweet sixteen' recovery stocks still have upside, according to Raymond James (https://www.marketwatch.com/story/these-sweet-sixteen-recovery-stocks-still-have-upside-according-to-raymond-james-11612883930)

-William Watts; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

February 10, 2021 16:23 ET (21:23 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2021 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2021. All rights reserved.