Dow Jones Today: Caterpillar Sparks 700-Point Rally as Wall Street Shrugs Off Oil Shock
The Dow Jones Industrial Average surged nearly 700 points midday Thursday, driven by a 10% jump in Caterpillar shares after strong quarterly results. The S&P 500 and Nasdaq rose modestly as tech stocks lagged. U.S. GDP grew at a 2% annual rate, but inflation data remained above the Fed’s target, limiting rate-cut expectations. Industrials outperformed, while some major tech firms fell on capex concerns.