The Dow Jones Industrial Average came 400 points of falling to the 20,000 mark Monday, and even after a minor rebound, the index is still down a massive 2,000 points, or more than 9%.
Caterpillar's stock opened Monday morning at $89 and not only regained all of its losses, but traded as high as $105.85. By Monday afternoon, the stock was down 0.35% at $99.29.
The stock was supported by an upgrade from Stifel analysts who turned bullish. Analyst Stanley Elliott upgraded Caterpillar from Neutral to Buy with a price target lowered from $140 to $137.
Many of Caterpillar's markets are either "stabilizing or have returned to growth" after a few years of poor performance, the analyst said, according to TheStreet.
Despite some near-term concerns, the company's longer-term picture is backed by a commitment to grow dividends through 2023 and and to conduct share buybacks, the analyst said.
Bulk Buying At Walgreens
Pharmacy retail chain Walgreens appears to be a bet by investors that millions of consumers across key markets will continue bulk spending on items.
The ongoing spread of the coronavirus has some believing stores will either suffer from shortages or some form of mandatory quarantine will be enacted.
Walgreens shares were down 1.91% at $47.07 at the time of publication.