Wall St Turns Negative, Caterpillar Drags

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united states stocks major index negative reversal bank shares weighed massive job cuts Caterpillar

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The Dow Jones industrial average was down 28.67 points, or 0.35 percent, at 8,048.89.

U.S. stocks retreated on Monday, with the major indexes turning negative on a reversal in bank shares and weighed down by a grim outlook and massive job cuts from Caterpillar.

* News that Pfizer Inc would buy rival Wyeth for about $68 billion had buoyed sentiment overall, but worries over the benefit of the deal for Pfizer weighed on the company's stock, making it one of the Dow's biggest drags.

* The Dow Jones industrial average was down 28.67 points, or 0.35 percent, at 8,048.89. The Standard & Poor's 500 Index dipped 1.69 points, or 0.20 percent, to 830.26. The Nasdaq Composite Index slipped 2.18 points, or 0.15 percent, at 1,475.11.

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