American machinery producers surged on speculation that Democrats securing control of Congress paves the way for President-Elect Joe Biden to pass a wide-ranging infrastructure stimulus bill. Caterpillar Inc. (NYSE: CAT), which makes the equipment needed for the massive infrastructure projects, rose 5.6%. Analyst Mircea Dobre reiterated an Outperform rating on Caterpillar on Wednesday, while raising his target for the stock price to $220 from $206. Dobre says that in 2021, he expects an environment similar to 2010 and 2017—when shares rallied—as global markets improve.