US Stock Market Surges Toward Records Amid Soaring Corporate Earnings
The US stock market is approaching record highs as corporate profits continue to soar and oil prices ease. The S&P 500 surged 1.9% on Tuesday, putting it on track to surpass its all-time high set a couple months ago.
Caterpillar led the way with a 6.6% increase after reporting stronger profit and revenue than expected, while Palantir Technologies soared 29.5% after its CEO Alex Karp said overall revenue leaped 93%. The AI company also raised its revenue forecast for the full year of 2026.
Despite concerns about high inflation, the war in Iran, and a possible bubble in stock prices due to euphoria around artificial-intelligence technology, Wall Street is nearing its latest apex. Stock prices tend to follow corporate earnings over the long term, according to Phil Segner, a co-portfolio manager at the Leuthold Group.