A 3% rally in Caterpillar (NYSE: CAT) shares was set to help an exchange traded fund (ETF) that tracks the Dow Jones Industrial Average on Friday as investors cheered quarterly results from the Dow component.

The stock is the second-largest holding in SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) after IBM (NYSE: IBM). Caterpillar accounts for 6.7% of the $9.8 billion ETF.

Caterpillar reported first-quarter earnings that topped Wall Street estimates, and it also beat on the top line. Jefferies analysts noted both sales and margins were strong and the full-year revenue and earnings outlook were raised, although only by the first-quarter beat as interruptions from Japan could weigh in the second quarter.

“Bottom Line: Stock should trade up, although enthusiasm could be tempered by the fact that most of the full year raise came in the first quarter,” Jefferies said.

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