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Stocks Capitulate to More Worries Over Global Growth; Caterpillar Weighs on Dow

Stocks slumped again on Thursday after job cuts announced this morning by heavy equipment manufacturer Caterpillar ( CAT ) ignited more worries over the global economy. Industrial metals also continued their slide today, sending mining stocks sharply lower, following sluggish data for August durable goods orders. Led by a steep decline for Caterpillar, the Dow Jones Industrial Average fell to its lowest level so far this month and was flirting with technical support at its 16,000 level. Nine of the 10 sectors in the S&P 500 were in the red, with only utility stocks remaining on the plus side as yield-hungry investors swap Treasury notes for higher yielding utility dividends.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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