US stocks close down

Wall Street ended a record-setting week quietly today, closing inches above 12,000 after a lacklustre profit report and forecast from Caterpillar dampened the market’s good mood and prompted many investors to pull back.

Caterpillar, one of the 30 blue chip stocks that comprise the Dow, unnerved investors who have bet that the slowing US economy would pull off a soft landing rather than tip into recession.