Mumbai, Aug. 5 -- US stocks soared on Tuesday, with the Dow and S&P 500 reaching record highs as strong corporate earnings and falling oil prices boosted risk appetite across the globe. The S&P 500 index soared 1.79% to 7,736.52, a new all-time high, while the tech-heavy Nasdaq Composite climbed 2.59% to 26,584.99. The blue-chip Dow jumped 907.47 points, or 1.71%, to close at a fresh record of 54,085.88.

Technology and industrials gained impressively while financial stocks also rallied steadily. Crude oil prices extended decline after US Treasury Secretary Scott Bessent said Washington and Tehran were holding talks and could reach an agreement as early as Tuesday or Wednesday to reopen the Strait of Hormuz. US benchmark West Texas Interm...