Wall Street Retreats After Surge; Caterpillar, Financials Fall - Dollar Advisory & Financial Services

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Friday 3 March 2017

Wall Street Retreats After Surge; Caterpillar, Financials Fall

US stocks retreated on Thursday, led by financial stocks, while Caterpillar shares dropped following news that federal officials searched its Illinois facilities.
Caterpillar , down 4.3 percent at USD 94.36, was the biggest drag on the Dow and among the biggest negatives for the S&P 500.

In a statement issued after the closing bell, Caterpillar said the search may be related to an Internal Revenue Service investigation on profits earned by a Swiss subsidiary.

Financials led the decline among sectors in the S&P 500, which had its biggest daily percentage decline since January 30. The S&P financial index fell 1.5 percent in its biggest daily drop since mid-January.

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