The Globe and Mail reports in its Wednesday edition that the S&P 500 and the Dow closed at record highs on Tuesday, powered by the latest batch of earnings from artificial intelligence-related companies such as Caterpillar and Palantir that assuaged demand concerns, while crude prices and Treasury yields dropped on an Iran war resolution. A Reuters dispatch to The Globe reports that Palantir soared 29.5 per cent and posted its biggest daily percentage gain since February, 2024, after raising its annual revenue forecast. Caterpillar, a bellwether for the global industrial economy, jumped 5.6 per cent after raising its annual revenue growth forecast, as the build out of AI data centres has fueled demand for its power-generation and construction equipment. Investors have been closely monitoring results from AI-linked companies this earnings season for any signs the massive spending in the space will be justified. Also supporting U.S. stocks was a drop of about 5 per cent in crude prices after a Qatari official said efforts to secure a diplomatic resolution to the conflict were continuing, while Treasury Secretary Scott Bessent said a deal with Iran to reopen the Strait of Hormuz could come within the next two days.