Decline in US stocks slows after Asian markets drop; Caterpillar surges on higher profit
NEW YORK, N.Y. – Declines in the U.S. stock market are moderating following a rout last week.
Industrial stocks were among the few winners after heavy-equipment maker Caterpillar reported a surge in earnings for the fourth quarter.
The Standard & Poor’s 500 index was down nine points, or 0.5 per cent, at 1,780 as of noon Eastern time Monday.
The Dow Jones industrial average fell 44 points, or 0.3 per cent, to 15,831. The Nasdaq composite fell 47 points, or 1.1 per cent, to 4,080.
Caterpillar jumped 4 per cent, the most in the Dow, after reporting income and revenue that were far ahead of what investors anticipated. Caterpillar forecast higher earnings for 2014 than analysts were expecting and announced a new $10 billion stock buyback program.
Asian markets slumped, and European markets were lower.
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