Stock markets couldn't sustain their midday surge, and the Dow Jones Industrial Average and the S&P 500 both fell into negative territory in late trading. As of 3:15 p.m. EST, the Dow is down 0.06% for the day, while the S&P 500 has lost 0.11%.
Economic news was light today, and even some encouraging corporate news didn't get investors excited. The Walt Disney Company (NYSE:DIS) released financial results after the close yesterday, revealing earnings of $0.79 per share versus estimates of $0.76. The company's revenue was also up 5%, and CEO Bob Iger announced that there would be new Star Wars movies outside of the nine George Lucas had originally planned. Disney clearly isn't messing around after its $4 billion acquisition of Lucasfilm late last year. Still, the stock was only up 0.6%.
3M Co (NYSE:MMM) announced an 8% increase in its dividend to $0.635 per share and a $7.5 billion share buyback program. This isn't an earth-shattering move, considering that 3M has now increased its dividend for 55 straight years, but it is a bullish indication for the market.
With more than 50,000 products, 3M plays a role in making everything from computers to power cables. A long history of invention and innovation has driven the company to its wide reach, but a focus on operational efficiency may be hurting the creative culture that once created Scotch Tape and the Post-It Note. A new leader has taken over, vowing to return innovation to the forefront. Does this mean the stock will once again become a growth stock, rather than just a dividend? Find out whether 3M has what it takes to pull it off in The Motley Fool's comprehensive new research report on the company. As an added bonus, you'll receive a full year of updates and guidance as news develops, so don't miss out -- simply click here now to claim your copy today.
In the commodities market, oil fell nearly $2 per barrel and then quickly rebounded after an inventory report was released. Crude supplies were up 2.6 million barrels last week, according to the U.S. Energy Information Administration, but analysts had expected an even larger jump of 3 million barrels. A report from the American Petroleum Institute yesterday showed a 3.6 million-barrel rise in inventory, so the lower number from the EIA eased some fears for the short term.