Having been on a charge for most of March and April, the US heavy equipment sector stayed fairly flat throughout May. In fact, depending which start and end points you took, the sector could have been said to be falling back. This seemed to go a little against the run of play for the widely watched market indicators. The NASDAQ looked most resilient, still eking out growth as the month drew to a close. The Dow meanwhile looked flat, and the S&P 500 fell back a little, although not as much as the heavy equipment sector.
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