Markets are weighed down by disappointing earnings

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Trader Michael Zicchinolfi center works floor New York Stock Exchange Monday Oct. 22 2012. A weak forecast from heavy equipment

Trader Michael Zicchinolfi, center, works on the floor of the New York Stock Exchange Monday, Oct. 22, 2012. A weak forecast from heavy equipment maker Caterpillar and other poor earnings results weighed on the U.S. stock market in early trading. (AP Photo/Richard Drew)

Trader F. Hill Creekmore center works floor New York Stock Exchange Monday Oct. 22 2012. A weak forecast from heavy

Trader F. Hill Creekmore, center, works on the floor of the New York Stock Exchange Monday, Oct. 22, 2012. A weak forecast from heavy equipment maker Caterpillar and other poor earnings results weighed on the U.S. stock market in early trading. (AP Photo/Richard Drew)

Trader Thomas Donaworks floor New York Stock Exchange Monday Oct. 22 2012. A weak forecast from heavy equipment maker Caterpillar

Trader Thomas Donato works on the floor of the New York Stock Exchange Monday, Oct. 22, 2012. A weak forecast from heavy equipment maker Caterpillar and other poor earnings results weighed on the U.S. stock market in early trading. (AP Photo/Richard Drew)

Specialist Patrick Kenny right works his post floor New York Stock Exchange Monday Oct. 22 2012. A weak forecast from

Specialist Patrick Kenny, right, works at his post on the floor of the New York Stock Exchange Monday, Oct. 22, 2012. A weak forecast from heavy equipment maker Caterpillar and other poor earnings results weighed on the U.S. stock market in early trading. (AP Photo/Richard Drew)

NEW YORK — The stock market is waiting for the presidential election as much as anyone. The U.S. stock market struggled for direction Monday. All three major indexes waffled between gains and losses before closing slightly higher. Investors were underwhelmed by earnings reports from toymaker …