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Caterpillar Drags on Honeywell, Deere; Stocks Recover From Lows

Industrials were among the worst performers on markets Thursday, led by Caterpillar (CAT) which tumbled after announcing job cuts and slashing full-year sales forecasts. Sector peers Deere (DE) and Honeywell (HON) both moved lower on fears of weakened demand across the industry. Volatility returned to markets as investors grew anxious ahead of Federal Reserve Chair Janet Yellen's speech after the bell and what it might reveal about a possible rate hike plan. Stocks made a stunning recovery in the final hour, rebounding from a drop of more than 1%. Boeing (BA) closed lower despite striking a deal to sell 300 jets to China. The company also plans to open a plant in the country that would help to assemble 737s.

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