Dow backs off but tech stocks raise Nasdaq

The Dow Jones Indusrial Average was down at noon on Thursday, as a sharp decline in 3M stocks pulled the index down to 30 stocks, but the Nasdaq 100, highly technical, advanced to the following good financial results published by Microsoft and Facebook. The dollar rose to a four-month high.

The Dow gave way after 3M announced a profit well below expectations, reduced its outlook for the year and announced plans to cut 2,000 jobs worldwide.

The Nasdaq hit a record high after good results from Facebook and Microsoft late Wednesday. Facebook shares rose more than 5% after first-quarter figures posted growth in advertising revenue despite the threat of a $ 5 billion regulatory fine.

Microsoft, meanwhile, soared, because its profits, better than expected, were fueled by a dramatic increase in revenue from its cloud servers.

The S & P500 benchmark has not changed much. Earlier this week, the S & P 500 recorded an all-time record high and remains half a percent lower than its day's record.

According to FactSet, more than 170 S & P 500 companies have announced their first quarter results to date. Of these companies, 78% performed better than expected.

Investors hope corporate profits will help support the global recovery that brought the S & P500 index to a record high earlier this week, although concerns remain about the strength of the global economy . US gross domestic product data for the first quarter, expected on Friday, is expected to provide more clues.

In the economic news, the Commerce Department said durable goods orders posted the largest increase in March since last summer, suggesting a rebound in the manufacturing sector, driven by automobiles, planes and equipment network. While the industrial sector is booming, the ongoing trade dispute between the United States and China and the weakening global economy are creating obstacles.

Southwest Airlines announced a sharp drop in its quarterly profit, but it nevertheless exceeded analysts' expectations. The gains were made despite the cancellation of thousands of flights by the carrier during the period due to a dispute with its mechanic's union and the grounding of Boeing's 737 Max jet aircraft.

UPS shares fell sharply after heavy storms hit the company's first quarter revenues. However, strong demand for faster delivery options has increased the company's land and air transportation volumes over this three-month period.

US oil prices declined for a second day, but the Brent international benchmark rose for a fifth session, fearing that major global producers would increase their supply after the US decided to further restrict Iranian oil exports earlier this week.

Western Texas Intermediate Crude Oil slipped to about $ 65.77 per barrel in mid-season, but Brent crude has surpassed $ 75 for the first time since October.

Gold prices rose for the second day as investors remain nervous about emerging markets as the Turkish lira and Argentine peso collapse, even as the US dollar reaches its highest level in six months .

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