Dow industrials pivot higher as P&G, Home Depot outweigh GE’s stock slump


The Dow Jones Industrials Average made a morning break into positive territory, powered by shares of Procter & Gamble Co., Home Depot Inc., and Boeing Co., helping to counter a slide in General Electric’s stock. Shares of P&G

PG, +1.23%

Home Depot

HD, +0.79%

and Boeing

BA, +0.28%

combined to contribute about 25 points–the bulk of the price-weighted blue-chip index’s morning gains. Meanwhile, GE’s stock

GE, -3.83%

was only cutting about 5 points from the Dow, even though it is the benchmark’s worst percentage performer. A $1 move in anyone of the Dow’s 30 components equates to a 6.89-point swing, making a component’s share price more influential than, say, its overall market value. GE was under pressure as it sought to deliver a raft of changes under new CEO John Flannery to revamp its 125-year-old business. Elsewhere, the S&P 500 index

SPX, -0.04%

was gaining some traction in the green at 2,582. The Nasdaq Composite Index

COMP, -0.10%

was also edging higher at 6,752. All three benchmarks cut losses from a firmer decline earlier Monday.