S&P 500 and Nasdaq hit records as AI fuels rally
Business
Wall Street just hit new all-time highs, with the S&P 500 and Nasdaq both breaking records on Tuesday.
What's driving the excitement? Tech stocks are booming, thanks to big wins in artificial intelligence and companies reporting much better profits than expected;
about 83% of S&P 500 companies that have reported earnings so far beat analysts' EPS expectations, with overall growth over 18%.
Oil down 4% despite U.S.-Iran tensions
Even though there's tension between the US and Iran in the Strait of Hormuz, oil prices actually dropped by 4%. That's mostly because people are worried about less demand worldwide and more oil coming from outside OPEC.
Still, investors seem pretty upbeat thanks to all the AI buzz and strong company results.