Industrial stocks lead an early decline on Wall Street

AP News
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Posted: Sep 24, 2015 9:40 AM
Industrial stocks lead an early decline on Wall Street

NEW YORK (AP) — U.S. stocks are opening lower, led by a slump in industrial companies.

Heavy equipment maker Caterpillar plunged 7 percent Thursday, the most in the Standard & Poor's 500 index, after lowering its revenue forecast.

Caterpillar also announced a restructuring program that could involve as many as 10,000 jobs being lost. Joy Global, a maker of mining equipment, sank 4 percent.

The Dow Jones industrial average declined 154 points, or 0.9 percent, to 16,127 in early trading.

The S&P 500 fell 16 points, or 0.8 percent, to 1,922. The Nasdaq composite lost 41 points, or 0.9 percent, to 4,710.

Japan's Nikkei fell 2.8 percent as markets reopened there after a three-day holiday.

Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 2.10 percent.