US Stocks Soar as Profits Pile Up and Oil Prices Ease

The US stock market reached new records on Tuesday as profits continued to soar for companies and oil prices eased.

The S&P 500 surged 1.8%, with the main measure of Wall Street's health topping its previous all-time high set a couple months ago. The Dow Jones Industrial Average added 907 points, or 1.7%, to its own record set the day before, while the Nasdaq composite jumped 2.6%.

Palantir Technologies was among the leading performers, with its stock surging 29.5% after CEO Alex Karp reported a 93% increase in revenue for the quarter. The AI company also raised its revenue forecast for the full year of 2026.

Caterpillar climbed 5.6% after reporting stronger profit and revenue than analysts expected, with CEO Joe Creed attributing the success to strong order rates and a growing backlog across its main businesses.