U.S. stocks fall in break following

Earnings mixed and reflect slowing economy, analysts say
NEW YORK (MarketWatch) — U.S. stocks declined on Wednesday, with the S&P 500 falling from a record, as investors assessed mixed results from American corporations, including a disappointment from equipment-maker Caterpillar Inc.

“Earnings are about what you might expect in a slow-growth economy; some areas are doing well, and some are not doing well at all,” said Bruce Bittles, chief investment strategist at RW Baird & Co.

“We’re at that point where the infamous ‘Wall of Worry’ becomes significant. Margins have peaked, so we have to live off revenue growth more than earlier in the cycle,” said Bruce McCain, chief investment strategist at Key Private Bank.

The Dow Jones Industrial Average (DJI JIA) declined 67.43 points, or 0.4%, to 15,400.23, with 23 of its 30 components in negative terrain.

Caterpillar (NYSE:CAT) paced blue-chip losses, off 5.9% after lowering its earnings outlook.

Boeing Co. (NYSE:BA) shares led gains, up 5.1%, after the plane manufacturer raised its 2013 forecast.

“We continue to see earnings growth that reflects that underlying economic growth, it’s positive, but not exuberantly so,” offered Key Private Bank’s McCain.

The S&P 500 index (SNC:SPX) fell 9.94 points, or 0.5%, to 1,745.23, with energy and consumer discretionary the worst performing and consumer staples and utilities faring the best of its 10 major industry sectors.

But the midweek swoon “feels like a normal pullback,” said Bittles, who notes that Wall Street has “rallied almost 100 S&P points since two weeks ago.” http://www.marketwatch.com/story/us-stocks-fa...atest_news