Sector Snap: Heavy Equipment Shares Rising
Commodity prices have soared recently due to a declining dollar and expectations of future demand as factories, shipping and other industry gear up in a global recovery.
For now, a weak buck makes commodities priced in dollars more attractive to foreign investors.
For RSC and United Rentals, Weber said rentals often see increased demand early in a recovery.
Shares of Bucyrus rose $1.89, or 4.8 percent, to $40.94; Joy Global climbed $2.79, or 5.4 percent, to $54.83; Caterpillar added $2.36, or 4.3 percent, to $56.93 and Terex traded up $1.08, or 4.7 percent, to $24.19 ¿ all four stocks hit 52-week highs Monday.Mueller Water gained 18 cents, or 3.3 percent, to $5.51; RSC edged up 10 cents to $12.30; United Rentals rose 12 cents, or 1.1 percent, to $10.94; Shares of other companies in the sector rose as well. Agricultural equipment maker AGCO Corp. was up $1.60, or 6 percent, to $28.27; Deere & Co. added $2.35, or 5.4 percent, to $46.40; Manitowoc Co. gained 92 cents, or 8.6 percent, to $11.58.
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