MMM - Why 3M Caterpillar and Deere & Company Rallied Today
2023-06-02 16:21:49 ET
Shares of industrial giants 3M (NYSE: MMM) , Caterpillar (NYSE: CAT) , and Deere & Company (NYSE: DE) were rallying hard on Friday, up 8.5%, 8.2%, and 5.2%, respectively, as of 3 p.m. ET.
Friday's news was particularly good for 3M but also for industrial stocks in general. Today, 3M jumped on a Bloomberg News report that it may settle a massive pollution lawsuit for less than was feared by the markets.
While the lower-than-feared settlement news might have lowered perceived risk for peers, the other industrial stocks were likely higher due to today's better-than-expected jobs report, allaying fears over a potential economic downturn.
For further details see:
Why 3M, Caterpillar, and Deere & Company Rallied Today