CAT Stock Soars on Record Second Quarter Performance

Caterpillar Inc., parent company of heavy equipment maker CAT, reported record-breaking sales and revenue for its second quarter. The company's stock jumped 10% following the announcement.

Caterpillar generated $991 million in revenue during the second quarter, a 10% increase from $899 million in the same period last year, according to a news release.

The company also reported a 24% increase in sales and revenues for the quarter, reaching $20.5 billion. This marks the first time Caterpillar has surpassed $20 billion in sales and revenue within a single quarter, said CEO Joe Creed.