The US economy sets impressive financial records one after another. Just recently, the world's media reported that the Dow Jones hit an all-time high of 23,000. After the release of financial reports on the profits of 3M and Caterpillar, the index reached another historic high of 23,441.76.
Caterpillar showed earnings of $1.95 per share with the revenue of $11,413 billion. 3M reported earnings of $2.33 per share with revenue of $8,172 billion. These are not the only Dow Jones companies that achieved impressive results. For example, such giants as United Technologies, General Motors, Eli Lilly, and Polaris Industries also contributed to the overall growth. At the same time, other key indices, the S&P 500 and Nasdaq Composite, also registered increases to 2,569.13 and 6,598.43, respectively.
Meanwhile, the shares of companies working in the financial sector reached their highest levels over 10 years. "This is very much earnings-driven," Michael Shaoul, chairman and CEO of Marketfield Asset Management, said. "The economically sensitive sectors of the S&P 500 have seen some strong earnings and that's what we needed."
