US Stocks Surge on Strong Earnings and Lower Oil Prices

The US stock market rallied on Tuesday, driven by companies' strong profit reports and easing oil prices.

The S&P 500 briefly touched a 2% gain before pulling back to around 1.9%, putting it on track to surpass its all-time high set in recent months.

The Dow Jones Industrial Average surged 1,017 points or 1.9% to set a new record, while the Nasdaq composite rose by 2.6%, as of 1:52 p.m. Eastern time.

Caterpillar and Palantir Technologies led the charge with gains of 6.4% and 30.2% respectively after beating analysts' earnings expectations and raising their revenue forecasts.