NEW YORK (Reuters) – The Dow fell on Friday after disappointing results from Caterpillar and Microsoft, reversing optimism after a strong week of earnings.
Caterpillar Inc (CAT.N) fell 5.2 percent to $105.80 after its profits missed estimates and it said the U.S. recovery was weaker than expected.
The heavy equipment maker has an out-sized influence on markets because it is seen as a barometer of economic activity.
Caterpillar’s stock, the best performing Dow component in 2010, was the average’s top drag on Friday.
Microsoft Corp (MSFT.O) posted a greater-than-expected jump in fourth-quarter profit but sales of its flagship Windows software disappointed for the third straight quarter. The Dow component dipped 0.1 percent to $27.07.
“We had a little bit of shortfall from Caterpillar,” said Anthony Conroy, head trader at BNY ConvergEx, an affiliate of the Bank of New York. “It’s taking the market off a little bit.”
He noted that stocks have had “a nice run-up in the past couple of days,” explaining some of the selling.
The Dow Jones industrial average (.DJI) was down 47.30 points, or 0.37 percent, at 12,677.11. The Standard Poor’s 500 Index (.SPX) dipped 2.03 points, or 0.15 percent, at 1,341.77. The Nasdaq Composite Index (.IXIC) was up 6.28 points, or
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