US Stocks Soar to Records on Robust Profits and Lower Oil Prices
The US stock market reached new heights on Tuesday, fueled by companies' robust profits and lower oil prices. The S&P 500 index surged 1.8%, surpassing its previous record set a couple of months ago. The Dow Jones industrial average added 907 points to its own record, while the Nasdaq composite jumped 2.6%.
Palantir Technologies led the charge, its stock skyrocketing 29.5% after CEO Alex Karp announced a 93% revenue increase in what he called an 'otherworldly' quarter. The company also raised its full-year revenue forecast for 2026.
Caterpillar, another heavy-equipment maker, reported stronger profits and revenue than expected, making it the first time the company reached over $20 billion in sales and revenue in a single quarter. CEO Joe Creed attributed this success to strong order rates and a growing backlog across its main businesses.