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Sector Wrap: Industrial stocks

Fri, 05/07/2010 - 7:30am
The Associated Press

Shares of industrial stocks sank as much as 10.5 percent Thursday as the broader market tumbled.

The Standard & Poor's industrials index fell as low as 247.82 in trading Thursday before recovering to close at 267.43.

The Dow Jones industrials plunged nearly 1,000 points in one of its most turbulent days of trading ever Thursday amid concerns that Greece's debt problems could halt the world financial recovery. There were also reports that a technical glitch hastened the selling that led to the dramatic drop.

The Dow managed to recover two-thirds of its losses and close down 347 at 10,520.

Shares of General Electric Co. dropped 79 cents, or 4.4 percent, to close at $17.31 Thursday, after trading as low as $15. United Technologies Corp. fell $2.35, or 3.2 percent, to $71.24. Its shares traded as low as $65.17. Shares of 3M Co. hit a 52-week high of $90.35 early in the trading day, and then fell as low as $67.98 as the market plunged. Its shares fell $2.35, or 2.7 percent, to close at $84.24.

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