Caterpillar bites the Dow - New York Report

WALL STREET fell for a third straight day yesterday after disappointing corporate results and forecasts added to concerns about the US profit outlook.

The Dow Jones industrial average fell 119.09 points, or 0.67 per cent, to 17,731.95, the S&P 500 lost 12 points, or 0.57 per cent, to 2,102.15 and the Nasdaq Composite dropped 25.36 points, or 0.49 per cent, to 5,146.41.

Caterpillar shares fell 3.6 per cent to $76.88 and touched a four-year low. It reported sales declines in key markets in a sluggish global economy.

American Express was down 2.5 per cent at $77.01 after its revenue missed expectations, while diversified manufacturer 3M was down 3.8 per cent at $149.50 after cutting its full-year forecast.

Qualcomm fell 3.8 per cent to $61.78, a day after the chipmaker said it might break itself up as it delivered its third profit warning this year.