Caterpillar, steelmakers jump as Biden deal buoys demand view
Caterpillar led gains in the Dow Jones Industrial Average and steelmakers surged as President Joe Biden’s bipartisan $579-billion infrastructure deal buoyed the outlook for US demand.
Heavy-equipment maker Caterpillar gained as much as 3.8% at 1:41 p.m. in New York, the most in three months. US Steel and Nucor, the largest US steel producer, each climbed more than 3%, as did the Bloomberg Americas Iron/Steel Index. Farm-equipment maker Deere & Co. and aluminum company Alcoa also advanced.
Metals and machinery makers have risen this year, partly on bets that government spending to rebuild roads, bridges and tunnels will bolster demand. The agreement comes after months of bipartisan negotiations.
“We’ve struck a deal,” Biden said in a tweet. “A group of senators – five Democrats and five Republicans – has come together and forged an infrastructure agreement that will create millions of American jobs.”
While Biden’s announcement was cheered by investors on Thursday, the plan could still be threatened by tight supplies of some materials, including steel and cement. The companies the US will rely on to pave roads, build bridges, lay pipes and assemble trains aren’t yet planning to meet those needs, according to economists and industry insiders.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation