The Dow rebounded after yesterday’s virus related selloff as tech, financial and healthcare stocks led the way. Apple reports earnings after the closing bell. IBD still has markets in rally mode while BTS has gone to treasuries. Trading volume today was lower and at the close the Dow was up 186 at 28,722.
Earnings reports are mixed. 3M reported disappointing results and announced a restructuring which will involve layoffs of 1,500 people. Revenue was up 2% and net income declined 7%. The stock was down 6% which is odd considering they sell medical masks and in the face of the coronavirus these things are a hot commodity. United Technologies reported better than expected numbers and its shares were higher. Nucor Steel posted an 18% drop in revenue and an 83% decline in profits but was very optimistic with it’s 2020 outlook and this sent shares higher.
After its successful Saturday test flight the Boeing 777X is scheduled for delivery in 2022 and the company plans on delivering 60 to 100 planes per year. There are currently orders for 309 of the big double isle jet.