Weak open on Wall Street; Caterpillar, VF flop

AP News
Posted: Oct 22, 2012 9:44 AM

A weak forecast from heavy equipment maker Caterpillar and other poor earnings results weighed on the stock market in early trading.

The Dow Jones industrial average fell 29 points to 13,314 shortly after the opening bell Monday.

The Standard & Poor's 500 index was down one point at 1,431 and the Nasdaq composite edged up seven points to 3,012.

Caterpillar cut its forecast for full-year revenue and income, saying that the global economy is weaker than they had anticipated.

Clothing maker VF Corp. fell after its revenue came up short of what analysts were expecting.

European markets edged higher, even as the focus stayed on the tech sector, which has posted disappointing results so far. Yahoo will report after market close Monday. Asian markets also gained.