News Summary: Dow drops 100

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News Summary: Dow drops 100

By The Associated Press

DOUBTS: A quiet day on Wall Street turned into the worst sell-off in three months after a Federal Reserve official said he doubted the bank's effort to boost economic growth would work.

STOCKS FOR SALE: The Standard & Poor's 500 index lost 15.30 points, its fourth straight decline, to close at 1,441.59.

MORE WARNINGS: Caterpillar lost 4 percent. The world's largest maker of bulldozers and other heavy equipment said late Monday that slower economic growth around the world dampened its earnings forecast.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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