US Stocks Hit New Records as Oil Prices Fall and Profits Soar

The US stock market made significant gains on Tuesday, August 4th, as companies continued to report strong profits and oil prices declined. The S&P 500 index rose by 1.8% to reach a new record high of 7,736.52. The Dow Jones Industrial Average also set a new record, increasing by 1.7% to close at 54,085.88.

Palantir Technologies and Caterpillar led the way in gains after reporting stronger-than-expected profits for the spring quarter. Brent crude oil prices fell below $80 per barrel, which helped Treasury yields ease in the bond market.

The Nasdaq composite index rose by 2.6% to reach a new high of 26,584.99. The Russell 2000 index of smaller companies also saw gains, increasing by 1.8% to close at 3,036.98.