The Dow Jones Industrial Average climbed over 150 points to start Tuesday’s market session as construction and mining equipment manufacturer Caterpillar led the way, gaining 2.5%.
Despite facing challenges related to the tariff battle between the United States and China, Caterpillar increased its adjusted earnings per share forecast to a range of $11 to $12 from $10.25 to $11.25–adjusted profit range of $6.6 billion to $7.2 billion. The company also bested analyst expectations over a week ago with its record second-quarter earnings per share and revenue.
Industrial ETFs rose on Caterpillar’s gain, such as Fidelity MSCI Industrials ETF (NYSEArca: FIDU)–up 0.66%, Vanguard Industrials ETF (NYSEArca: VIS)–up 0.71% and Industrial Select Sector SPDR ETF (NYSEArca: XLI)–up 0.74%.
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Other indexes started up on the day as the Nasdaq Composite was up 0.26% and the S&P 500 gained 0.40%. Through the close of Monday’s trading session, the S&P 500 was just 0.8 percent away from reaching an all-time high of 2,872.87, which was established on Jan. 26. Additionally, the Nasdaq was also within 1 percent of a record high and the Dow was over 4.2 percent away from reaching its own all-time high.