NEW YORK: The S&P 500 set a record, and the Dow topped 54,000 on Tuesday as strong earnings from Palantir and Caterpillar and falling oil prices lifted US stocks.
The Dow Jones Industrial Average gained about 966 points, or 1.8%, in afternoon trading. The S&P 500 rose 1.7%, while the Nasdaq Composite advanced 2.2%, according to an Associated Press market update.
Palantir Technologies Inc. (NASDAQ: PLTR) climbed about 29.3% to USD 162.42 by around 1:30 pm ET. The data analytics company reported quarterly revenue of approximately USD 1.94 billion, up 93% year over year, and raised its full-year outlook.
Caterpillar Inc. (NYSE: CAT) gained about 6.5% after reporting record quarterly sales and revenue of USD 20.54 billion, a 24% year-on-year increase. The equipment manufacturer raised its annual sales outlook to mid-to-high teens growth.
Caterpillar said demand for engines, generators and construction equipment had strengthened as technology companies expanded artificial intelligence data centres and related infrastructure. Its power and energy division recorded quarterly sales of USD 8.24 billion.
Read: Oil Prices Fall Nearly 5% as US-Iran Talks Resume
Brent crude fell 4.9% to USD 79.64 a barrel as investors assessed diplomatic efforts to reopen the Strait of Hormuz. US Treasury Secretary Scott Bessent said an agreement restoring commercial shipping could be reached within days, although negotiations remained incomplete.
The supplied market snapshot showed the Dow up 647 points and the S&P 500 gaining 44 points at 9:35 am ET. Both indices extended their advances later in the session.