US Stock Market Hits New Records Amid Soaring Corporate Profits
The US stock market reached new records on Tuesday as corporate profits continued to soar and oil prices eased.
The S&P 500 jumped 1.8% and the Dow Jones Industrial Average added 907 points, both reaching their highest levels ever. The Nasdaq composite climbed 2.6%, with Palantir Technologies leading the way after its CEO said overall revenue leaped 93% in what he called an 'otherworldly' quarter.
Caterpillar also reported stronger profit and revenue than analysts expected, with CEO Joe Creed saying it's seeing strong order rates and a growing backlog across its main businesses. The AI boom is benefiting Caterpillar through increased orders for turbines used to power data centers.
Oil prices also played a role in the market's rally, with Brent crude sinking 5.3% to $79.36 per barrel. This helped ease Wall Street's worries about inflation and pulled down yields in the bond market.