Wall St Turns Negative, Caterpillar Drags

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.