Shares of industrial and transportation companies rallied after strong earnings from one conglomerate.

3M shares rose by more than 22%, its biggest-ever percentage gain, after the maker of industrial and office supplies posted second-quarter sales growth ahead of expectations as a new chief executive hit the ground running. In the wake of the earnings, Chief Executive Bill Brown, who took over in May, vowed to speed product launches by fine-tuning research-and-development methods.

German chemicals giant BASF reiterated its full-year outlook as it posted flat second-quarter earnings after cost-saving measures offset a decline in sales due to lower prices across all segments.

Mercedes-Benz Group lowered the ceiling for a key profitability target and flagged a tough Chinese market and trade tensions.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-26-24 1738ET