US Stocks Reach New Records as Corporate Profits Soar

The US stock market reached new heights on Tuesday as corporate profits continued to soar and oil prices eased.

The S&P 500 index surged by 1.8%, reaching a record high, while the Dow Jones Industrial Average climbed by 907 points, or 1.7%, to its own all-time peak.

Caterpillar was among the top performers, with its stock rising 5.6% after the company reported a stronger profit and revenue than analysts had expected for the spring quarter.

The AI boom is driving growth in many sectors, including heavy-equipment maker Caterpillar, which saw strong order rates and a growing backlog across its main businesses.