Stocks Hit Record Highs

U.S. stocks rallied to records Tuesday, with the S&P 500 rising 1.8% to a new closing high and the Dow Jones Industrial Average adding 907.47 points, or 1.71%, to close at 54,085.99. Treasury Secretary Scott Bessent said a deal involving Iran to reopen the Strait of Hormuz could be reached within days, easing oil prices. Corporate earnings strengthened the move, with Palantir Technologies rallying after results and Caterpillar among companies reporting second-quarter profits above expectations. The Nasdaq Composite jumped 2.6%, while S&P 500 futures were little changed after the close.