Palantir Powers a 907-Point Dow Surge to Fresh Records

Stocks closed sharply higher Tuesday, with the S&P 500 rising 1.79% to a record 7,736.52 and the Dow surging 907 points, or 1.71%, to 54,085.88 — also a fresh record. The Nasdaq popped 2.59% to 26,584.99 as Palantir rallied 29% on blowout results, reigniting the tech trade.

The advance was supported by strong corporate earnings and lower oil prices amid optimism over U.S.-Iran talks to reopen the Strait of Hormuz — though that tailwind is already being tested as fresh threats against Middle East shipping lift crude off its lows.

The four-day rally lost some momentum early Wednesday, with futures roughly flat to modestly higher as investors digested megacap tech earnings and a heavy slate of reports still ahead this week, including several portfolio names.