Declines in US stock market moderate

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Associated Press

Posted on January 27, 2014 at 12:03 PM

Updated Monday, Jan 27 at 1:02 PM

NEW YORK (AP) — 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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