Strong Caterpillar Outlook Pulls Stocks Higher
A strong surge in the outlook results of Caterpillar Inc. has helped the stock market gain better footing as the world economy started to pick up pace.
According to reports, the equipment manufacturer has posted 4.7 percent growth carrying along with it the upbeat midday trading in the stock market.
Trading in the United States stock market went several notches higher following the release of the Caterpillar Inc. results, which shows significant improvement in the company’s outlook.
Caterpillar, one of the biggest equipment manufacturers in the world, reported on Monday that they have beaten earlier analyst predictions. The company’s shares jumped by 4.7 percent or $3.26 to $72.04 per share during the midday trading carrying with it various stocks around the world.
In a statement, the Caterpillar attributed the strong market outlook to the improving economic condition, citing the seven-day upbeat market turnout.
Meanwhile, trading in the stock market flourished at the same time. Dow Jones industrial average spiked up by 0.3 percent or $35.97 per share while The Standard & Poor’s 500 index jumped to 0.1 percent or $0.42 per share. Nasdaq, on the other hand, registered a composite index result of 0.1 percent or $1.41 per share.
In a related development, Whirlpool Corp., said that sales of appliances in the US and other markets around the world has definitely improved in the past weeks, citing the strong spending results from consumers.
Also, reports of acquisition by Hertz Global Holdings Inc., the popular car rental company, have also helped the market gain better compared to the same period last year.
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