Caterpillar Drags Dow Jones To Lower:

[Kizen]

After a three week rally in the US stock market which lifted Dow Jones Industrial Average to beat the mark of 12000 high for the first time. Caterpillar Inc and JPMorgan Chase & Co the third-largest U.S. bank, measured declines among financial shares they said that decline for the demand for mortgages and lower fees and low interest income led to drop in credit card revenue this provided the biggest disappointment for the current US earning season, as the Dow Jones managed to stay above the 12000 barrier which it breached for the first time on Thursday, thanks to the strong third quarter earning from the likes of Johnson & Johnson, the pharmaceutical and health products group, and soft drinks company Coca-Cola.
But the news of lower-than-expected third-quarter earnings from the world’s largest maker of earth-moving equipment said that sales growth for the next year would be flat to 5 % and a cut in its guidance for the fourth quarter which dragged the Caterpillar shares 14.2 % lower to $59.20.
Technology shares such as Applied Materials Inc. dropped after semiconductor-equipment orders slowed and Intel Corp., the world's largest chipmaker announced that they lowered its spending budget on new plants and equipment to a maximum of $5.9 billion from a forecast of about $6.2 billion.

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