Reuters: US Dollar Report: GLOBAL MARKETS-Shares fall on corporate fears, Spain boosts euro

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GLOBAL MARKETS-Shares fall on corporate fears, Spain boosts euro Oct 22nd 2012, 15:47 Mon Oct 22, 2012 11:47am EDT * Euro gains after Spanish voting clears way to aid request * Dollar hits 3-month high vs yen as Japan's exports tumble * U.S. stocks slide on weak corporate results, outlooks By Herbert Lash NEW YORK, Oct 22 (Reuters) - Global stocks faltered on Monday on concerns about weak corporate results and outlooks, while the euro gained as an election victory in Spain was seen as helping the country seek international aid to ease the euro zone debt crisis. Most U.S. stocks traded near break-even after heavy-equipment maker Caterpillar Inc slashed its 2012 forecast for the second time this year and warned that the global economy was slowing more quickly than it had expected. Shares of Caterpillar were on a roller-coaster as the bellwether for global growth rose up and down to trade flat near $83.86. "Caterpillar is a cyclical stock, and there's always a battle between a slowdown in the economy and growth expectations," said Shawn Hackett, president at Hackett Financial Advisors in Boynton Beach, Florida. "The stock is extremely volatile during periods when the economic outlook is uncertain." By late morning, the S&P 500 was on track for a third straight decline after the benchmark index suffered its worst one-day decline since late June on Friday. Peter Kenny, a managing director at Knight Capital in Jersey City, New Jersey, said with 15 days to go until the U.S. presidential election on Nov. 6, investors are hesitant with the economy close to a stall and the euro zone still a concern. "It's more of a wait-and-see. Once we have some clarity on the political front I think people are going to be more than willing to put some bets on the table," Kenny said. The Dow Jones industrial average was down 9.47 points, or 0.07 percent, at 13,334.04. The Standard & Poor's 500 Index was down 1.37 points, or 0.10 percent, at 1,431.82. The Nasdaq Composite Index was up 6.29 points, or 0.21 percent, at 3,011.91. In Europe, the FTSEurofirst 300 index of top European shares fell 0.5 percent to close at a provisional 1,106.60 points. European shares earlier had traded higher on renewed expectations that Spain was moving closer to seeking a bailout, but the decline in U.S. equity markets pulled Europe down. The euro rose after Spanish Prime Minister Mariano Rajoy's party retained an absolute majority in the parliament of his home region of Galicia on Sunday, a result seen as overcoming a hurdle on the path to a formal bailout request. According to European officials and analysts, Rajoy had wanted to wait until the regional elections before requesting a bailout, which would trigger the European Central Bank's bond-buying program aimed at lowering Spain's high borrowing costs. The euro was up 0.4 percent against the dollar at 1.3063. The U.S. dollar index fell 0.07 percent to 79.566. Oil fell as the equity market trended lower, with Brent crude oil sliding below $110 per barrel. Brent crude for December delivery was down 33 cents to $109.81 per barrel. U.S. oil was down 58 cents at $89.47 a barrel. U.S. Treasury prices fell, taking back a portion of Friday's gains. The benchmark 10-year U.S. Treasury note was down 11/32, the yield at 1.8046 percent. Link this Share this Digg this Email Reprints

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