The Dow, NASDAQ and SP 500 all moved lower on ThursdayInvestingU.S. stocks rallied late in Thursday's session amid hopes that Federal Reserve chair Janet Yellen could strike a dovish tone within an appearance following the close of trading, but nonetheless closed slightly lower on the volatile day of trading.
Earlier, the Dow Jones Industrial Average fell around 263 points as weakening healthcare stocks along with a massive selloff in Caterpillar Inc NYSE:CAT weighed on the 3 major indices. On Thursday morning, Caterpillar, the earth's largest construction and mining equipment maker, announced that it's cutting its revenue forecast and slashing as much as 10,000 jobs, amid continuing softness within the energy and mining sectors worldwide.
Caterpillar lowered its fullyear revenue outlook to 48 billion for 2015, below analysts' forecasts for sales of 48.82 billion.The Dow fell 78.57 or 0.48% to 16,201.32 because of its fifth loss within the last six sessions, as the NASDAQ Composite index lost 18.26 or 0.38% to shut at 4,734.48. The S P Composite index, meanwhile, dipped 6.52 or 0.34% to at least one,932.24, as five of 10 sectors closed within the red. Stocks within the Health Care, Industrials and Financials sectors lagged, while stocks within the Utilities, Energy and Consumer Goods industries led.Shortly following the close on Thursday, Yellen is scheduled to talk on inflation dynamics and monetary policy during an appearance in the University of MassachusettsAmherst.
It will mark her first public appearance because the Federal Reserve held shortterm rates of interest at its current nearzero level a week ago. Nearly ten years has passed because the Federal Open Market Committee has raised rates of interest.The top performer around the Dow was Procter Gamble Company NYSE:PG, which added 1.14 or 1.62% to 71.40. Shares within the multinational consumer goods company continue to be down by a lot more than 16% during the last year. Caterpillar ended the session because the worst performer after losing 4.40 or 6.27% to 65.80. At some point, Caterpillar shares fell below 65 to plummet to some fiveyear low.
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