U.S. stock markets extended their rally on Tuesday, with the S&P 500 and Dow Jones Industrial Average both closing at record highs. The Dow surged 907.47 points, or 1.71%, to finish at 54,085.88, marking its second consecutive record close, while the S&P 500 gained 1.79% to end at 7,736.53. The Nasdaq Composite advanced 2.59% to 26,584.99, approaching its all-time peak.
Palantir Technologies led individual movers, soaring nearly 29.5% after the company nearly doubled its second-quarter revenue to $1.94 billion. Tech and semiconductor stocks broadly advanced, with SpaceX shares rising 9.43% and the Philadelphia Semiconductor Index jumping 6.6%. Caterpillar climbed 5.6% after raising its annual revenue forecast.
The gains came amid a strong earnings season, with more than 85% of S&P 500 companies reporting results so far beating analyst estimates.