Caterpillar flat at end of strong week, inflation on radar
Caterpillar Inc. ended Friday down 3.85% at $904.28, pulling back after hitting a 52-week high Thursday at $940.48. The Dow component is still ahead 3.2% for the week, having closed May 29 at $875.87. The U.S. markets are now closed for the weekend. S&P 500 dropped 2.64%, Dow moved down 1.35%, Nasdaq fell 4.18%. Caterpillar is back on investors’ radar and is moving shares of the Dow again, thanks to its heavy price and its read on construction, mining, and power-equipment demand. The Dow’s price-weighting gives outsized influence to the biggest movers. Caterpillar shares jumped $45.50, or 5.3%, Tuesday, and MarketWatch put the company alongside Cisco as top reasons behind the Dow’s 289-point gain.