Oil Price Volatility Keeps Wall Street in a Tight Spot

Wall Street's all-time high is within reach as oil prices continue to fluctuate. The S&P 500 fell 0.3% on Tuesday, its second modest drop since setting a new record on Friday.

The Dow Jones Industrial Average dipped 184 points, or 0.3%, while the Nasdaq composite sank 0.6%. In contrast, oil prices were more volatile, with Brent crude briefly jumping above $90 before settling at $88.91, up 1.4% from Monday.

Higher oil prices are a concern for Wall Street, as they contribute to inflation and make borrowing money more expensive. The upcoming release of the U.S. government's monthly inflation reading on Wednesday may provide some clarity on this issue.