A big earnings miss from Caterpillar halted a stock rally that brought the Dow Jones industrial average close to its highest level of the year.
Caterpillar fell nearly 6 percent after the equipment maker earned less than analysts projected last quarter. The company, which is often seen as a bellwether for the global economy because it sells equipment all over the world, told analysts in its earnings call that it expects the U.S. economy to grow moderately.
The weaker results from Caterpillar and a continuing deadlock over raising the U.S. borrowing limit capped the stock market’s gains and left the U.S. out of a broad rally in overseas markets. Stocks gained worldwide after European leaders reached a deal aimed at containing the region’s debt crisis.
The Dow Jones industrial average fell 20 points, or 0.2 percent, to 12,704. The broader Standard Poor’s 500 index gained 2, or 0.1 percent, to 1,346.
A strong earnings report from Advanced Micro Devices Inc. helped push technology stocks higher. The Nasdaq composite rose 17 points, or 0.6 percent, to 2,851.
AMD jumped nearly 19 percent after the chip maker said it expects more earnings gains in the third quarter. Flash memory card maker SanDisk Corp. rose 10 percent
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