Caterpillar leads Dow lower as a stock rally fades

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Associated Press

Posted on October 23, 2013 at 10:02 AM

Updated Wednesday, Oct 23 at 10:02 AM

NEW YORK (AP) — The Standard & Poor's 500 index is pulling back from a record high as weaker corporate earnings disappoint investors.

Caterpillar led the Dow Jones industrial average lower after missing analysts' estimates for earnings and revenue.

The S&P 500 was down nine points, or 0.5 percent, to 1,745 in midday trading Wednesday.

The Dow was down 62 points, or 0.4 percent, at 15,405. The Nasdaq composite was down 28 points, or 0.7 percent, at 3,901.

Caterpillar's quarterly earnings plunged 44 percent and the company cut its outlook for the year again. Caterpillar dropped $4.89, or 5 percent, to $84.29.

Energy stocks fell the most in the S&P 500. The index had set record highs the previous four days in a row.

Markets also fell in Europe and Asia.

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