US Stocks Surge Towards Record Highs on Strong Profits and Easing Oil Prices
The US stock market is on track to reach new heights as companies continue to report strong profits and oil prices ease. The S&P 500 has climbed 1.7% and is poised to surpass its all-time high set a couple of months ago.
The Dow Jones Industrial Average has added 966 points, or 1.8%, to its record set the day before, while the Nasdaq composite rose by 2.2%. Despite concerns over high inflation and the war in Iran, Wall Street is nearing its latest peak due to soaring corporate profits.
Palantir Technologies led the way with a 29.3% jump after CEO Alex Karp announced a 93% increase in revenue for what he called an 'otherworldly' quarter. Caterpillar also rose 6.5% following stronger profit and revenue reports than analysts expected, marking its first time exceeding $20 billion in sales.
McDonald's added 0.9% after beating profit expectations despite increased pressure from expensive gasoline and economic worries. The AI boom is driving growth for companies such as Caterpillar through increased orders for turbines used to power data centers.