Caterpillar Inc.’s stock has transformed into a headwind for the broader stock market from a tailwind, as the stock took a dive into negative territory right after the opening bell. The stock was up as much as 2.8% when it opened at its intraday high of $173.10, but was recently down 1.4% to pace the Dow Jones Industrial Average’s decliners. The stock was adding about 33 points to the Dow’s price, which was up 133.56 points at its intraday high. But Caterpillar’s stock is now shaving 16 points off the Dow, which is up 91 points. The stock’s earlier gain followed better-than-expected earnings and an upbeat outlook. Caterpillar’s post-earnings conference call with analysts is scheduled for 11 a.m. ET.
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