Stock market today: Dow ends higher as 3M leads charge ahead of slew of economic data
Investing.com — The Dow ended higher Monday, underpinned by a 3M-led surge in industrials ahead of a flurry of data this week that will play into the Federal Reserve’s policy decision next month.
The S&P 500 rose 0.6%, the Dow Jones Industrial Average fell 0.6%, 213 points, and Nasdaq was up 0.8%.
3M Company (NYSE:MMM) closed more than 5% as it closes in on a more than $5.5 billion deal to settle over 300 lawsuits, alleging that the company sold the U.S. military defective earplugs, Bloomberg reported Sunday, citing sources familiar with the deal.
The settlement saves the company from a much larger liability as some financial experts estimated that the lawsuits, if successful, would have resulted in a cost of about $10B, the report added.
Generac Holdings Inc (NYSE:GNRC), meanwhile, also lifted industrials with an almost 4% gain as the backup generator maker is expected to see an ongoing surge in demand from extreme weather.
Tropical storm Idalia is expected to strengthen and make landfall along Florida's Gulf Coast by Wednesday as a hurricane.
Boston Scientific (NYSE:BSX) reported positive results from a clinical trial for its pulsed field ablation system — used to remove heart tissue that causes abnormal heartbeats – to treat patients with atrial fibrillation, sending its share up 6%.
The clinical study met its primary goal showing that the company’s system wasn’t inferior to the current treatment options including radiofrequency or cryoablation.
The positive results from the company’s system represent another “potential blockbuster product with exposure to a high growth market,” UBS said. “We remain bullish on the large and growing atrial fibrillation market opportunity that pulsed field ablation can address,” it
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