US Stocks Leap Toward Record as Profits Soar and Oil Prices Ease

The US stock market is making a strong push toward a record high as companies continue to post impressive profits and oil prices ease.

The S&P 500 climbed 1.7% on Tuesday, putting it on track to surpass its all-time high set in June, while the Dow Jones Industrial Average added 966 points to its own record set the day before, according to data released by WRAL.

The rally is being driven largely by companies' strong profit margins, with many firms reporting better-than-expected earnings for the spring. Palantir Technologies led the way, jumping 29.3% after its CEO Alex Karp said overall revenue leaped 93% in what he called an 'otherworldly' quarter.

The AI boom is also benefiting other companies, including Caterpillar, which climbed 6.5% after reporting stronger profit and revenue than analysts expected. McDonald's added 0.9% after topping analysts' expectations for profit during the spring, despite customers facing increased pressure from expensive gasoline and economic worries.