Economy | News-Opinion
CLOSING BELL: September 25th: DJIA: 13,457.55 | DOWN 101.37 | -0.75%
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Caterpillar, Apple push Wall Street lower
Caroline Valetkevitch, Reuters – The S&P 500 suffered its worst day since June on Tuesday, pulled lower by Caterpillar Inc (CAT.N) after it cut its profit outlook, the latest high-profile company to warn about profit growth.
Technology shares came under pressure after a second day of weakness for Apple Inc (AAPL.O), the world’s most valuable public company. Shares fell 2.5 percent to $673.54 as the company sold out of its initial supply of the new iPhone, raising concerns about keeping up with demand.
Caterpillar, the heavy equipment maker, said on Monday sluggish global growth was responsible for reduced estimates. Other companies to recently cut expectations include FedEx Corp (FDX.N) and Norfolk Southern (NSC.N).
Shares of Caterpilar were the biggest weight on the Dow for a second day and ended down 4.2 percent at $87.01. That was the stock’s biggest daily percentage drop since May.
Tuesday’s decline reversed earlier gains attributed to portfolio “window dressing” as the quarter ends. Stronger-than-expected figures on U.S. consumer confidence also contributed to temporary gains.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
