Caterpillar and Apple Weigh on Wall Street as S&P 500 Suffers
- 12 years ago
The S&P 500 suffered its worst day since June on Tuesday (September 25), pulled lower by Caterpillar Inc after it cut its profit outlook.
Technology shares came under pressure after a second day of weakness for Apple Inc, the world's most valuable public company.
Shares fell 2.5 percent to $673.54 (USD) 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 (September 24) sluggish global growth was responsible for reduced estimates. Other companies to recently cut expectations include FedEx Corp and Norfolk Southern.
Shares of Caterpillar 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.
The Dow Jones industrial average was down 101.37 points, or 0.75 percent, at 13,457.55. The Standard & Poor's 500 Index was down 15.30 points, or 1.05 percent, at 1,441.59, its fourth day of losses. The Nasdaq Composite Index was down 43.06 points, or 1.36 percent, at 3,117.73.
Technology shares came under pressure after a second day of weakness for Apple Inc, the world's most valuable public company.
Shares fell 2.5 percent to $673.54 (USD) 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 (September 24) sluggish global growth was responsible for reduced estimates. Other companies to recently cut expectations include FedEx Corp and Norfolk Southern.
Shares of Caterpillar 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.
The Dow Jones industrial average was down 101.37 points, or 0.75 percent, at 13,457.55. The Standard & Poor's 500 Index was down 15.30 points, or 1.05 percent, at 1,441.59, its fourth day of losses. The Nasdaq Composite Index was down 43.06 points, or 1.36 percent, at 3,117.73.