Caterpillar slows Dow down; Google sends Nasdaq, S&P up

first_imgNEW YORK – Stocks closed mixed but mostly higher Friday, with Caterpillar Inc.’s lackluster results dragging down the Dow Jones industrials while strong earnings from Google Inc. led a broader rally. The major indexes were mixed for the week. Friday’s skittish session closed out a turbulent week for Wall Street as troubling economic data renewed fears about inflation, overshadowing mostly positive third-quarter profit reports from the nation’s biggest companies. Investors scouring for signs of the market’s direction sent the Dow climbing more than 1 percent Wednesday, but took back the gains a day later. Although corporate earnings have so far been favorable, the market is still battling three major head winds – rising interest rates, inflation and high energy prices, said Michael Sheldon, chief investment strategist at Spencer Clarke LLC. “Right now, I think the market needs a catalyst in order to get out of this difficult environment,” Sheldon said. “Hopefully if oil prices continue to decline and move back into the mid-$50s, that could turn sentiment more positive on Wall Street.” AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week At the close of trading, the Dow fell 65.88, or 0.64 percent, to 10,215.22. Meanwhile, the broader stock indicators advanced. The Standard & Poor’s 500 index added 1.79, or 0.15 percent, to 1,179.59, and the Nasdaq composite index jumped 14.10, or 0.68 percent, to 2,082.21. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img