Caterpillar, Steelmakers Gain as Biden Deal Ups Demand View
- ‘We’ve struck a deal,’ President Joe Biden writes in a tweet
- Plan could still be endangered by U.S. materials shortages
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Caterpillar Inc. and steelmakers surged as President Joe Biden’s bipartisan $579 billion infrastructure deal buoyed the outlook for U.S. demand.
Heavy-equipment maker Caterpillar gained 2.6% after jumping as much as 3.8% in New York on Thursday, the most in three months. U.S. Steel Corp. climbed more than 3% and Nucor Corp., the largest U.S. steel producer, rose 2% amid a similar increase by the Bloomberg Americas Iron/Steel Index. Farm-equipment maker Deere & Co. and aluminum company Alcoa Corp. also advanced.