US Stocks Surge Towards Record High Amid Strong Profits and Easing Oil Prices

The US stock market is experiencing a rally towards a record high on Tuesday 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 just a couple of months ago, while the Dow Jones Industrial Average added 966 points or 1.8% to its own record from the day before.

Caterpillar led the way with a 6.5% jump after reporting stronger profit and revenue than analysts expected, with CEO Joe Creed attributing the success to strong order rates and a growing backlog across its main businesses.

Palantir Technologies also saw a significant increase of 29.3% following the release of 'otherworldly' quarterly results that included a 93% leap in revenue.