The Dow Jones Industrial Average (^DJI 0.49%) is riding a rollercoaster today. It actually looks like a bunch of fun -- unless your capital is at risk.
The index climbed as much as 61 points this morning thanks to a double shot of good news. House prices are still on the rise, and "consumer confidence" is no longer an oxymoron. Home Depot (HD 0.80%) enjoyed both ends of that double serving and led the Dow with a 2% jump at most.
But the party didn't last long. The Dow took a dive shortly after midday, and it currently trades some 19 points lower for the day.
Industrial-machinery maker Caterpillar (CAT 1.64%) single-handedly took 20 points off the Dow, with a big chunk of the loss coming at lunchtime. The company just issued a cautious outlook for fiscal year 2015 -- yes, three years ahead. Some companies really do plan ahead. CEO Doug Oberhelman cited geopolitical and economic risk factors as he cut that long-term earnings outlook by 15%.
Other big moves include a 1.7% drop by Hewlett-Packard (HPQ -0.44%), which was hit by a reiterated "sell" rating from JPMorgan. "We recommend that investors avoid printing stocks [like] Hewlett-Packard," said the firm's research report. Meanwhile, General Electric (GE 0.81%) gained 1.1% on regulatory approval for a uranium enrichment plant in North Carolina, plus some progress in the company's sale of $7 billion in MetLife deposits.
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