Financial Times,
again:Profits boost for US industry
By Hal Weitzman in Chicago and Michael Mackenzie and Francesco Guerrera in New York
Published: July 21 2009 19:22 | Last updated: July 21 2009 19:22
Corporate America took another step along its long road to recovery on Tuesday as companies from the industrial heartland of Peoria to the technology hubs of Silicon Valley reported stronger-than-expected profits and bullish outlooks.
The wave of positive second-quarter results from Caterpillar, DuPont and Apple, which came a week after several banks beat analysts’ expectations, fuelled investors' hopes for a rebound in the US economy.
Shares in Caterpillar rose nearly 8 per cent on Tuesday after the world's biggest maker of construction equipment un-veiled profits far ahead of Wall Street’s expectations and issued a more optimistic outlook.
Its upbeat comments fuelled hopes that the global industrial economy was recovering. The manufacturer is a bellwether of the US economy but also heavily relies on overseas markets.
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