Boeing and 3M Co.’s stocks on Thursday afternoon were contributing virtually all of the Dow’s afternoon gains, helping the blue-chip gauge erase a 400-point slide early in the session.
The Dow Jones Industrial Average DJIA, +0.02% was about 8 points, or 0.1%, higher at 23,928, with the benchmark slumping by as many as 394 points at its intrasession nadir.
The turnaround, if it holds, can mostly be credited with component Boeing Co. BA, +2.00% up 2% or $6.52, and 3M Co. MMM, +0.61% up 0.9% or $1.80. The pair combined to contribute about 60 points to the price-weighted average.
A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing. Meanwhile, the S&P 500 index SPX, -0.23% was trading 0.2% at 2,630, and the Nasdaq Composite Index COMP, -0.18% was down just about 0.2% at 7,088. Both the S&P 500 and the Nasdaq were also trading off intraday lows.
