US Stocks Reach New Heights on Soaring Corporate Profits and Easing Oil Prices

The US stock market hit new records on Tuesday as profits continued to soar for companies like Palantir and Caterpillar.

Palantir Technologies led the way, surging 29.5% after its CEO Alex Karp reported a 93% leap in overall revenue, calling it an 'otherworldly' quarter.

Caterpillar climbed 5.6% after reporting stronger profit and revenue than analysts expected, making more than $20 billion in sales and revenue for the first time.

The S&P 500 shot up 1.8%, while the Dow Jones Industrial Average added 907 points, or 1.7%, to its own record set the day before.