Declines in US stock market moderate

Declines in US stock market moderate

Credit: Getty Images

NEW YORK, NY - NOVEMBER 01: Traders work on the floor of the New York Stock Exchange before the closing bell on November 1, 2011 in New York City. U.S. stocks and global markets fell sharply Tuesday following news that Greece's prime minister has called for an unexpected public vote to approve Europe's debt deal. The Dow Jones industrial average (INDU) finished 297 points lower. Leaders of France and Germany, the architects of the Greek rescue plan, have scheduled an emergency meeting after Greek Prime Minister George Papandreou called for the referendum. (Photo by Spencer Platt/Getty Images)

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by Associated Press

khou.com

Posted on January 27, 2014 at 6:33 PM

NEW YORK -- Declines in the U.S. stock market are moderating following a rout last week.

Industrial stocks were among the few winners after heavy-equipment maker Caterpillar reported a surge in earnings for the fourth quarter.

The Standard & Poor's 500 index was down nine points, or 0.5 percent, at 1,780 as of noon Eastern time Monday.

The Dow Jones industrial average fell 44 points, or 0.3 percent, to 15,831. The Nasdaq composite fell 47 points, or 1.1 percent, to 4,080.

Caterpillar jumped 4 percent, the most in the Dow, after reporting income and revenue that were far ahead of what investors anticipated. Caterpillar forecast higher earnings for 2014 than analysts were expecting and announced a new $10 billion stock buyback program.

Asian markets slumped, and European markets were lower.

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