US stocks open sharply lower after weak earnings, outlooks

Industrials Associated Press

The U.S. stock market is opening sharply lower following disappointing corporate earnings and weak economic news.

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The Dow Jones industrial average fell 297 points, or 1.7 percent, to 17,381 early Tuesday. The Standard & Poor's index fell 27 points, or 1.3 percent, to 2,029.

Caterpillar's stock fell 7 percent after the heavy equipment maker was hurt in the fourth quarter by restructuring costs and issued a weak outlook. Technology giants Apple and Yahoo will disclose their results after the close.

Orders for long-lasting manufactured goods dropped sharply in December, the government reported early Tuesday.

In government bond trading, prices rose and the yield on the 10-year Treasury note fell to 1.76 percent from 1.83 percent late Monday.

Stocks also fell in Europe.