Dow surges 900 points, S&P 500 closes above 7,700 for first time in booming Wall Street rally: Live updates
The S&P 500 and Dow Jones Industrial Average reached new record highs on Tuesday, marking a strong day for the stock market. The broad market index rose 1.8%, setting a fresh high for the first time since June. The Nasdaq Composite surged 2.6%, propelled by a 29% rally in Palantir Technologies. Caterpillar led the Dow's 1.7% gain, climbing 6% after reporting better-than-expected Q2 numbers and raising revenue growth guidance.
Other sectors, including financials, industrials, and materials, also demonstrated solid gains. Oil prices declined due to hopes of reopening the Strait of Hormuz, with West Texas Intermediate futures falling 5.69% to $75.77 per barrel. Palantir's shares surged as the company reported impressive second-quarter earnings, attributed to AI sovereignty demand.
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