The S&P 500 rose 0.8% Tuesday, surpassing its previous all-time high set last week, according to data from the exchange. The Dow Jones Industrial Average gained 356 points, or 0.7%, and the Nasdaq composite climbed 1% to set its own record.
Stocks advanced after oil prices retreated from Monday’s highs. The price of Brent crude fell 4% to $109.87 per barrel, after briefly exceeding $115. Despite the decline, oil remains above pre-war levels, which were around $70. A U.S. military spokesperson said Tuesday that a ceasefire with Iran remains in effect, even as Iran was blamed for attacks on the United Arab Emirates, a U.S. ally. The U.S. continues efforts to reopen shipping routes in the Strait of Hormuz in hopes of lowering crude prices.
Despite ongoing conflicts, U.S. markets have remained resilient, supported by strong earnings reports. Many companies exceeded expectations for the first quarter of 2026, contributing to the rally, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “This has been a ‘why ask why’ market,” he said, noting investor focus on earnings and investments in AI data centers and other areas.
Leading the gains, DuPont’s stock jumped 8.4% after the chemical company reported better-than-expected quarterly profits and raised its full-year outlook. Other notable winners included American Electric Power, up 1.8%, and Cummins, which gained 2.8%. Pinterest rose 6.9% after surpassing sales and profit targets, with active monthly users increasing 11% to 631 million. AB InBev also topped profit forecasts, driven by growth in international markets for brands like Corona and Stella Artois. Its stock climbed 8.7%.
Palantir Technologies, however, dropped 6.9%, despite posting quarterly results that exceeded analyst expectations. The software company’s stock has struggled this year amid increased competition and a prior surge that saw its value more than double over the past three years.
Overall, the S&P 500 closed at 7,259.22, up 58.47 points. The Dow finished at 49,298.25, up 356.35, while the Nasdaq ended at 25,326.13, gaining 238.32 points. In Europe, markets were mixed; Paris’s CAC 40 rose 1.1%, but London’s FTSE 100 fell 1.4%. Many Asian markets were closed for holidays, though Hong Kong’s Hang Seng declined 0.8%. Australia’s S&P/ASX 200 slipped 0.2% after the central bank raised interest rates to 4.35%, citing rising fuel and commodity prices amid Middle East tensions.
In the U.S. bond market, Treasury yields eased following oil price declines and mixed economic reports. A report showed U.S. services growth unexpectedly slowed last month, with some companies citing war-related spending cuts. Conversely, the number of job openings advertised in March slightly exceeded expectations, signaling a resilient job market. The yield on the 10-year Treasury fell to 4.42% from 4.45% late Monday, remaining higher than pre-war levels of 3.97%, which has increased borrowing costs for households and businesses.
Jon Ross Myers is the executive editor and publisher of the Mississippi News Network, Mississippi's largest digital only media company. He can be reached at editor@tippahnews.com
