US stocks motor toward a record as oil prices whipsaw
The US stock market approached a record high as companies like Alphabet and Caterpillar reported higher-than-expected profits, despite oil price volatility. The S&P 500 rose 1%, with the Dow Jones Industrial Average up 1.7% and the Nasdaq composite 0.8% higher.
The US stock market neared a record high as big businesses reported strong profits. The S&P 500 rose 1%, with the Dow Jones Industrial Average up 822 points, or 1.7%, and the Nasdaq composite 0.8% higher. Alphabet surged 9.1% after reporting a quarterly profit that almost doubled analysts' expectations. Other companies, including Caterpillar and Eli Lilly, also saw significant gains after beating expectations. Oil prices were volatile, surging to $114.70 per barrel overnight before settling at $110.40. Despite this, Wall Street remained near its records, driven by better-than-expected profit reports from US companies.
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