US Stocks Surge Toward Record Amid Soaring Profits and Eased Oil Prices

The US stock market is showing signs of strength as it nears an all-time high. The S&P 500 index rose 1.7% on Tuesday, putting it on track to surpass its previous record set just a couple months ago.

The Dow Jones Industrial Average also made significant gains, adding 966 points or 1.8%, and reaching a new record. Meanwhile, the Nasdaq composite increased by 2.2% as of 12:55 p.m. Eastern time.

The rally is largely attributed to companies' strong profit reports, with Palantir Technologies leading the way after its CEO Alex Karp announced a 'otherworldly' quarter with revenue growing 93%. Caterpillar also reported impressive results, exceeding analysts' expectations and marking its first quarter with over $20 billion in sales and revenue.