US Stocks Near Record Highs on Strong Earnings and Slumping Oil Prices
US stocks reached new highs on Tuesday as earnings reports from top companies fueled optimism despite ongoing concerns about inflation and geopolitical tensions.
The S&P 500 index rose 0.6%, putting it on track to surpass its previous record closing high set earlier this summer, while the Dow Jones Industrial Average surged 1.2% and the Nasdaq Composite advanced 1.1%.
Several companies reported strong quarterly earnings, including Palantir Technologies, whose shares soared 19.8% after the AI software company beat analysts' expectations with a 93% year-on-year revenue increase.
Caterpillar's heavy equipment sales and revenue exceeded market estimates, pushing its shares up 10.5%. The company also marked a milestone by crossing the $20 billion mark in quarterly sales and revenue for the first time.