December 11, 2013
Wall Street ends down as Caterpillar falls, Boeing rallies
US stocks fell as shares of heavy-equipment maker Caterpillar and semiconductor companies tumbled after they reported earnings, ending the S&P 500's four-session streak of record high finishes.
The Dow Jones industrial average .DJI was down 54.40 points, or 0.35 percent, at 15,413.26. The Standard & Poor's 500 Index .SPX was down 8.31 points, or 0.47 percent, at 1,746.36. The Nasdaq Composite Index .IXIC was down 22.49 points, or 0.57 percent, at 3,907.07.
European shares fell in early trade after falls in banks following an asset quality review and disappointing earnings reports from the likes of Heineken took the steam out of a nine day rally.
The pan-European FTSEurofirst 300 fell 0.7 percent to 1,279.28 retreating from a five year high, with all sectors in negative territory, even those usually resilient in falling markets.Meanwhile, Japan's Nikkei share average suffered its biggest decline in three weeks hit by the dollar's tumble against the yen on heightened expectations the Federal Reserve will keep its stimulus in place until early next year.
The Nikkei dropped 2.0 percent to 14,426.05, retreating from a 3-1/2 week high of 14,799.28 touched in the morning session and breaching its 25-day moving average of 14,432.21.
Traders said that futures selling was triggered by weakness in the dollar, which slipped 0.8 percent to 97.36 yen. The Topix declined 1.5 percent to 1,195.98, with 2.72 billion shares changing hands, the highest since Oct 2.