US STOCKS SNAPSHOT-S&P 500 hits record high on strong AI-linked earnings, Mideast deal hopes

The S&P 500 and Dow Jones Industrial Average hit intraday record highs on Tuesday, driven by upbeat AI forecasts and hopes for a Middle East deal, amid strong earnings from tech giants.

Wall Street's benchmark ​S&P 500 hit ​an intraday record high ‌for the ​first time since early June on Tuesday, boosted by upbeat AI-driven forecasts ‌from Caterpillar and Palantir and hopes for an imminent deal to end tensions in the Middle East. Recent gains ‌on Wall Street have been driven by strong earnings ‌from AI heavyweights such as Amazon and Microsoft that reassured investors that their billion-dollar investments were yielding returns.

The blue-chip Dow ⁠was ​also trading ⁠at a fresh intraday record high. The S&P 500 had retreated ⁠from all-time highs as tensions between Iran and the U.S. ​resurfaced in early June and concerns about elevated valuations ⁠following a strong second-quarter rally weighed on AI-related stocks through ⁠July.

The ​Dow Jones Industrial Average rose 462.8 points, or 0.87%, at the open to 53,641.21. The ⁠S&P 500 rose 30.1 points, or 0.40%, at the open ⁠to ⁠7,630.62, while the Nasdaq Composite rose 174.1 points, or 0.67%, to 26,088.042 at the opening ‌bell.