Caterpillar stock gains after October retail sales show decelerating decline

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Shares of Caterpillar Inc. rose 1.0% in morning trading Friday after the construction and mining equipment maker reported October retail sales that showed a deceleration in the decline, and positive growth in the Asia/Pacific region. Worldwide total machines retail sales, on a rolling 3-month basis, fell 17% in October, after falling 20% in both September and August. The decline in North America slowed to 28% from 31% in September and down 35% in August, while Asia/Pacific sales turned up 3% from unchanged in September and down 1% in August. Global retail sales in resources industries declined 29% after being down 31% the previous month, while construction industry sales fell 13% after falling 15% in September. In energy and transportation, global retail sales were down 22% in October after being down 27% in September, as improvements in industrial and oil and gas sales declines offset a similar decline in power generation and increased decline in transportation. Caterpillar’s stock has rallied 15.6% year to date, while the Dow Jones Industrial Average has tacked on 2.8%.
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