Commodities
Oil Price Surge Slows US Stock Market Growth
The US stock market pulled back from its all-time high on Wednesday after oil prices halted their weeklong decline.
The S&P 500 slipped 0.3% and is 0.8% below its record set last month, while the Dow Jones Industrial Average was down 126 points or 0.2% as of 10 a.m. Eastern time.
Brent oil prices rose 2.3% to $101.52, reversing a decline that had been falling since hitting nearly $110 last week on worries about war with Iran keeping oil bottled up in the Middle East.
The climb in oil prices helped push yields higher in the bond market, which slows the economy by making borrowing more expensive. The yield on the 10-year Treasury jumped to 5.03% from 4.96% late Tuesday.