US stocks rose Tuesday, pushing the S&P 500 closer to its first record high since June. The index surged 1.45% during midday trading to 7,700 points, needing a gain of 0.13% for a new closing record. The Dow Jones Index jumped 900 points, or 1.7%, solidifying its record high from Monday, while the Nasdaq Composite climbed 2%. The S&P 500’s rise follows a decline of nearly 5% over the past two months and a late-July Nasdaq drop of nearly 10%. Investors have been buying dips in large tech and software companies amid a robust earnings season. Treasury Secretary Scott Bessent’s optimistic comments about potential agreements to ease Middle East tensions, particularly involving the Strait of Hormuz, boosted sentiment and lowered oil prices. Caterpillar’s stock jumped 6% after a positive earnings report and upgraded revenue forecast tied to AI-driven equipment demand. As of the end of July, around 61% of S&P 500 companies had reported, with 86% surpassing expectations; FactSet noted earnings growth is on track for its highest rate in five years. SpaceX’s shares increased 4% ahead of its inaugural quarterly earnings report. Brent crude fell over 5.5% to around $79 per barrel, its lowest in three weeks, and U.S. Treasury yields dipped.