US Stocks Leap Towards Record High on Strong Earnings and Eased Oil Prices

The US stock market is experiencing a significant surge as companies continue to report strong profits and oil prices ease. The S&P 500 climbed 1.7% and is on track to top its all-time high set a couple months ago, while the Dow Jones Industrial Average added 966 points, or 1.8%, to its own record set the day before.

The rally is largely driven by companies reporting stronger profits than expected, with Palantir Technologies jumping 29.3% after CEO Alex Karp said its overall revenue leaped 93% in what he called an 'otherworldly' quarter.

Caterpillar also reported stronger profit and revenue than analysts expected, climbing 6.5%, and McDonald's added 0.9% after topping expectations for profit during the spring.