U.S. stocks were much higher on Tuesday, while oil prices slid as traders reacted to numerous solid earnings results.
The Dow Jones Industrials index rocketed 356.63 points to end the session at 49,298.53.
The S&P 500 soared 58.48 points to 7,259.53.
The NASDAQ spiked 258.32 points, or 1%, to 25,326.13, scoring an all-time high.
The ceasefire between the U.S. and Iran remains fragile amid fresh attacks in the Strait of Hormuz.
However, Defense Secretary Pete Hegseth said Tuesday that the ceasefire “certainly holds” and that “two U.S. commercial ships, along with American destroyers, have already safely transited the strait, showing the lane is clear.”
That comes after President Donald Trump said earlier this week that the U.S. will “guide” stranded ships through the strait.
Adding to the momentum in equities were yet another batch of better-than-expected quarterly results.
Notably, DuPont de Nemours shares gained 8% after its first-quarter earnings and revenue beat expectations. U.S.-listed shares of Belgian brewer Anheuser-Busch InBev also popped 8% following its upbeat quarterly results.
Palantir Technologies was the exception, however, as shares retreated 6% even after the company’s first-quarter results surpassed analyst expectations, with revenue seeing the fastest growth since the company debuted on the public market debut in 2020. It also raised its full-year guidance.
To date, roughly 85% of the S&P 500 companies that have reported so far have beaten expectations
Prices for the 10-year Treasury gained, dropping yields to 4.42% from Monday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices sank $3.78 to $102.64 U.S. a barrel.
Gold prices accelerated $33.90 to $4,567.20 U.S. an ounce.
