US Stocks Hit Records as Corporate Profits Soar and Oil Prices Ease
US stocks surged to new records on Tuesday as corporate profits continued to soar and oil prices eased. The S&P 500 index rose 1.8%, reaching its highest level since a couple of months ago, while the Dow Jones Industrial Average added 907 points, or 1.7%, to its own record set the day before.
The rally was led by Palantir Technologies, which surged 29.5% after reporting a 93% increase in revenue and raising its full-year forecast. Caterpillar also contributed to the gains, climbing 5.6% after beating profit and revenue expectations.
The strong earnings reports were not limited to these two companies, as many others, including Amazon and Microsoft, have delivered better-than-expected results in recent quarters.
The easing of oil prices also helped boost stocks, with Brent crude falling 5.3% to $79.36 per barrel after uncertainty over the war in Iran receded.