US Stocks Surge Towards Record High as Profits Soar

The US stock market is pushing towards a record high on Tuesday, driven by soaring corporate profits and easing oil prices.

Despite concerns over inflation, war in Iran, and potential bubbles in artificial intelligence technology, Wall Street's main indices are rising. The S&P 500 added 0.9% to break its all-time high set earlier this summer, while the Dow Jones Industrial Average jumped 539 points or 1% from its record high.

Palantir Technologies led the way with a 25.5% surge after reporting a 93% revenue increase in what CEO Alex Karp called an 'otherworldly' quarter. The AI company also raised its full-year revenue forecast to $2.1 billion, exceeding analyst expectations.