NEW YORK (AFX) - Wall Street ended a record-setting week quietly Friday,
closing inches above 12,000 after a lackluster profit report and forecast from
Caterpillar Inc. squelched the market's good mood and prompted many investors to
pull back.
Caterpillar, one of the 30 blue chip stocks that comprise the Dow, unnerved
investors who have bet that the slowing economy would pull off a soft landing
rather than tip into recession.
"Caterpillar must have taken about 60 to 70 points off the Dow," said
Stephen Carl, head of equity trading at The Williams Capital Group.
According to preliminary figures, the Dow closed down 9.36, or 0.08 percent,
at 12,002.37.
Broader stock indicators showed modest gains after spending much of the
session in negative territory. The Standard & Poor's 500 index was up 1.64, or
0.12 percent, at 1,368.60, and the Nasdaq composite index rose 1.36, or 0.06
percent, to 2,342.30 following a strong showing by Google Inc.
Copyright 2006 Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
|