Shares in industrial conglomerate 3M (NYSE: MMM) rose by slightly more than 10% in December, according to data provided by S&P Global Market Intelligence. The move comes as the market priced in a better growth environment in 2024 due to anticipated interest rate cuts in 2024.

While there's no guarantee the Federal Reserve will reverse interest rate hikes this year, the market has merrily assumed it will, as 10-year Treasury yields fell from touching 5% in late October to slightly below 4% at the time of writing.

For several reasons, a better economic growth outlook is music to the ears of 3M shareholders.

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Source Fool.com