Around the World's Markets: New York

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THE DOW fell 59.6 points to 10,976 in early trade, with a profits warning from construction group Caterpillar accounting for 23 points of the loss. The hi-tech Nasdaq index was off 0.3 per cent after hitting its twelfth successive high on Thursday.

Caterpillar said earnings would disappoint because of falling machinery sales, saying it would make only slightly more than its 61 cents a share in the third quarter, compared with Wall Street estimates of 97 cents.