Boeing drags on industrial stocks while 3M hits 9-year low

Sep. 22, 2022 2:58 PM ETThe Boeing Company (BA), DD, DOW, GTES, EMR, MMMDJIBy: Rob Williams SA, SA News Editor27 Comments

Industrial digital scales use weight check in factory and overhead crane

NongAsimo/iStock via Getty Images

Boeing (NYSE:BA) on Thursday fell 3.3% to close at $138.54 a share, making the aircraft manufacturer one of the biggest laggards in the Dow Jones Industrial Average (DJI).

The decline came as major stock indexes slumped a day after the Federal Reserve raised interest rates and indicated more hikes are possible to curb inflation. The higher rates raise the specter of a potential recession.

3M (NYSE:MMM) fell as much as -1.2% to hit a nine-year low of $113.43 a share, but trimmed its loss to -0.6% with a closing price of $114.12. Investors continue to contemplate the company's legal liabilities as the target of the biggest multidistrict litigation in U.S. history based on the number of lawsuits filed.

Chemical maker DuPont (NYSE:DD) declined 1.3% to end the regular session at $52.47, the lowest close since mid-July 2020. Dow Inc. (NYSE:DOW) slipped 0.5% to close at $44.76, the lowest since August 2020. The companies this year have been under pressure amid rising energy costs and slackening demand for petrochemicals.

Gates Industrial (NYSE:GTES) fell -2.4% to $10.41, the lowest in a month.

Emerson Electric (NYSE:EMR) slipped -1.3% to $75.50, the lowest since December 2020.

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