MARKET SNAPSHOT: Stocks, Caterpillar Fueled By Low Expectations
July 21 2009 - 11:33AM
Dow Jones News
By Kate Gibson
In looking at second-quarter earnings season, U.S. stock market
analysts anticipate year-over-year earnings for the industrial
complex to plunge about 43%, with the sector expected to be among
the top four worst performers.
"That low bar that has been set makes it easier for companies
like Caterpillar Inc. and Deere & Co. to beat expectations,"
said Art Hogan, chief market strategist, Jefferies & Co.
On Tuesday, shares of Caterpillar (CAT) gained 11% after the
heavy equipment maker reported results topping expectations. .
Deere (DE) rose over 3%.
And, Caterpillar fronted gains on the Dow Jones Industrial
Average (DJI), which rose 68.93 points to 8,917.08. The S&P 500
(SPX) added 2.10 points to 953.23, while the Nasdaq Composite
(RIXF) fell 1.81 points to 1,907.48.