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Dow and S&P 500 hit records as industrial forecasts lift shares
Oil slid further, with U.S. crude down 5.4% to $75.98 a barrel, after comments raised hopes for a diplomatic path regarding Iran and shipping through the Strait of Hormuz.
Stock indexes rose sharply on Tuesday, with the Dow and S&P 500 reaching record highs after upbeat company forecasts boosted investor sentiment. The Japanese yen weakened, but retained most of its earlier gains tied to currency intervention involving Tokyo and Washington.
Oil extended its decline as officials from Qatar and the United States raised hopes for a diplomatic resolution to the Iran war that could improve oil flows through the Strait of Hormuz. U.S. Secretary of State Marco Rubio said there was progress in talks with Iran and Oman, while Treasury Secretary Scott Bessent said a deal to reopen the strait could come as soon as Tuesday or Wednesday.
Caterpillar shares climbed after the company increased its annual revenue growth forecast, citing benefits from a buildout of AI data centers. Palantir Technologies also surged after raising its annual revenue forecast.
More broadly, Reuters cited LSEG data showing that more than 80% of S&P 500 companies are beating analysts' earnings expectations for the last quarter. The Dow rose 933.95 points, or 1.76%, to 54,112.36, and the S&P 500 gained 115.96 points, or 1.53%, to 7,716.66, while the Nasdaq Composite added 548.22 points, or 2.12%, to 26,462.11.
Latest closeS&P 500 7,600.50 ▲1.5%|Nasdaq Comp. 25,913.90 ▲2.1%|Dow Jones 53,178.41 ▲1.3%