Caterpillar

The yellow bulldozers, excavators and trucks that Caterpillar builds are a fixture of construction and mining sites worldwide. The largest maker of construction equipment on earth, it also builds the diesel engines, turbines and mining gear that power heavy industry, and it runs a financing arm that helps customers buy all of it. Because its products go into big, capital-intensive projects, Caterpillar is a classic cyclical: demand booms when the economy expands, commodity prices are high and infrastructure spending flows, and it slumps when those reverse. Formed in 1925 and now based in Irving, Texas, it is a Dow component and a bellwether that investors watch as a read on global growth and construction activity. Newer themes have added to the story, from infrastructure programs to the power-generation equipment its energy division sells into the data-center boom. The stock is a bet on the industrial economy.

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