US Stock Market Hits New Records on Strong Profits and Easing Oil Prices

The US stock market saw significant gains on Tuesday, August 4th, as major indexes hit new records. The S&P 500 led the way, rising by 1.8% to reach a total of 7,736.52 points, surpassing its previous high set in June.

The Dow Jones Industrial Average also reached a new record, increasing by 907.47 points or 1.7%, and hitting 54,085.88. The Nasdaq composite rose by 2.6% to reach 26,584.99 points.

The rally was driven in part by strong profits from companies such as Palantir Technologies and Caterpillar. Brent crude oil prices also fell below $80 per barrel, causing Treasury yields to ease in the bond market.