S&P 500 climbs 1.8% to a record as SpaceX posts $US541 million quarterly loss and oil slides
US stocks surged to record levels as corporate earnings beat expectations and oil prices fell. SpaceX reported a $US541 million loss in its first quarterly report as a public company, but it was smaller than Wall Street anticipated while revenue jumped. Australian share futures pointed to a 35-point, or 0.4%, gain at the open, and the Australian dollar strengthened to US70.47¢. Caterpillar posted its first-ever quarterly sales above $US20 billion, and S&P 500 spring earnings growth expectations were nearing 50%, according to FactSet.