Oil Price Surge Halts US Stocks' Ascent Near All-Time High

US stocks have retreated from their all-time high as crude oil prices reversed their weeklong decline, rising 2.3% to $101.52 per barrel.

The S&P 500 slipped 0.3%, while the Dow Jones Industrial Average fell 126 points, or 0.2%, and the Nasdaq composite dropped 0.5% from its own record high.

Despite these declines, US stocks have been supported by strong growth in profits for companies such as KB Home and General Mills, which both reported better-than-expected earnings.

However, higher oil prices are putting upward pressure on yields in the bond market, making borrowing more expensive for individuals and businesses.