Stocks’ climb erases most of losses for week so far

Wall Street bounced back Thursday and recouped almost all the losses it suffered earlier in the week.

The S&P 500 rose 41.73 points, or 0.9%, to 4,780.94 following back-to-back drops that kicked off this holiday-shortened week. The Dow Jones Industrial Average gained 201.94, or 0.5%, to 37,468.61, and the Nasdaq composite jumped 200.03, or 1.3%, to 15,055.65. The Russell 2000 index of smaller companies rose 10.49 points, or 0.5%, to 1,923.65.

Big Tech stocks led the way, including Apple, which rose 3.3% to flip its loss for the week so far into a gain.

Chip companies were also strong after chip maker Taiwan Semiconductor Manufacturing Co. gave a forecast for revenue in 2024 that analysts said was higher than they were expecting. Broadcom gained 3.6%, while TSMC’s stock that trades in the United States jumped 9.8%. They helped offset a warning from Humana about how higher medical costs would eat into its profit. The insurer’s stock tumbled 8%.

3M begins payments to service members over earplugs

3M has started paying out its $6 billion settlement to U.S. service members who say they experienced hearing loss or other serious injuries after using faulty earplugs made by the company. The chemical and consumer product manufacturer made a $250 million payment to the qualified settlement fund on Dec. 26, expected to result in 25,000 to 30,000 claimants dismissing associated litigation. And on Monday, 3M said it was accelerating another payment of $253 million to settle “wave” cases by Jan. 31.

“All the remaining ‘wave’ plaintiffs, whose claims were being prepared for trial prior to the settlement agreement, have now agreed to participate in the settlement and release their claims,” 3M wrote Monday, noting that company amended existing settlement timing as a result of this “strong support.”

Saint Paul, Minnesota-based 3M reached the $6 billion settlement agreement in August – after over a quarter-million veterans and current service members sued the company and Aearo Technologies, which 3M acquired in 2008, over their Combat Arms Earplugs.

Payments were set to run from 2023 through 2029.

Goodyear names just-replaced Stellantis exec CEO

Goodyear Tire & Rubber Co. has named departing Stellantis executive Mark Stewart as its new CEO.

On Tuesday, Stellantis announced that it was replacing Stewart, who had served as North American chief operating officer, with Carlos Zarlenga, its current president of Stellantis Mexico.

At Goodyear, Stewart will succeed Richard Kramer, who previously announced his plans to retire. Kramer has worked at Akron, Ohio-based Goodyear for 24 years, including 14 as chairman, CEO and president.

Kramer will continue to serve Goodyear in an advisory capacity to help with the transition process.

Stewart will become CEO and president effective Jan. 29. He will also become a board member.

Laurette Koellner, independent lead director of Goodyear’s board since 2019, will become non-executive board chair.