MARKET SNAPSHOT: Stocks, Caterpillar Fueled By Low Expectations
July 21 2009 - 10:27AM
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. (CAT) and Deere & Co. (DE) to beat
expectations," said Art Hogan, chief market strategist, Jefferies
& Co.
On Tuesday, shares of Caterpillar gained 11% after the heavy
equipment maker reported results topping expectations. .
And, Caterpillar fronted gains on the Dow Jones Industrial
Average (DJI), up 68.93 points at 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.