NEW YORK (AP) — The Dow Jones industrial average is heading for its 11th loss in 12 days after a pair of discouraging economic reports and as investors worried about Greece’s possible exit from euro.

The Dow fell 130 points to 12,469 a half-hour before the closing bell. It’s down 5 percent for the month so far and could be headed for its first down month since September.

Caterpillar fell 4 percent, the most of the 30 stocks in the Dow, after reporting that global sales growth of construction and mining machinery slowed in the three months through April. Wal-Mart stock rose 5 percent, the most in the Dow, after reporting a 10 percent jump in first-quarter income, beating Wall Street expectations.

Indexes opened lower on Wall Street following drops in European markets. The declines accelerated at mid-morning after the Federal Reserve Bank of Philadelphia said manufacturing slowed in the mid-Atlantic region for the first time in eight months. New orders decreased and firms cut jobs.

The Standard & Poor’s 500 index fell 17 points to 1,308. The Nasdaq composite fell 51 points to 2,822.

The Conference Board said its measure of future U.S. economic growth fell in April after six months of increases. The drop reflected fewer requests for building permits and a spike in applications for unemployment benefits.

These gloomy reports were a surprise and came as investors continued to fret about developments in Europe where Greece seemed headed for an exit from the euro bloc, something that investors fear would cause turmoil on global markets.

“The U.S. economy is growing slowly and not going gangbusters,” said Brian Gendreau, market strategist at broker-dealer Cetera Financial Group. “But Europe is very much on investors’ minds. It’s been two years with multiple bailouts involving Ireland, Portugal and Greece and things don’t seem to be getting better.”

Greece’s caretaker Cabinet was sworn in Thursday and will hold power at least until next month’s election. In the recently-held elections Greeks didn’t given any party a majority, but they did give strong support to politicians who rejected the tough austerity measures that came with the country’s financial bailout.

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