WRAPUP 3-Cat, United Tech results show pressures, hopes

* Caterpillar, United Tech report Q1 results

* Both offer outlooks that provide glimmers of hope

* UTX up almost 5 pct; Cat falls, recovers and rallies

* Terex, Pentair also report (Adds Terex results, closing share prices)

By James B. Kelleher and Scott Malone

CHICAGO/BOSTON, April 21 (Reuters) - U.S. manufacturing bellwethers Caterpillar Inc and United Technologies Corp reported on Tuesday that falling global demand for their big-ticket products battered first-quarter results.

But the companies also suggested that if business conditions aren't exactly getting better they aren't getting worse either -- offering twin glimmers of hope to investors searching for signs of a rebound.

On Wall Street, shares of United Technologies (UTX.N) ended up 4.8 percent after having risen by as much as 6.6 percent earlier in the day, and shares of Caterpillar (CAT.N), which fell sharply after its results were released, rallied to close 3 percent higher.

Caterpillar, the world's largest maker of mining and construction equipment, reported its first loss since 1992, pulled into the red by costs associated with a recession-triggered restructuring that has so far resulted in the elimination of 25,000 jobs. [ID:nN21451172]