Stocks Edge Near Record High Amid Easing Oil Prices
The US stock market remains near its record high, despite oil prices easing on Tuesday. The S&P 500 inched down by just 0.06 points to 7,764.64, and the Dow Jones Industrial Average dropped 185.14 to 51,863.69.
However, several key stocks showed significant gains, including AutoZone, which rose 3.3% after reporting a stronger profit for the latest quarter than analysts expected. Thor Industries, which sells recreational vehicles, also saw its stock climb 5.5%, despite CEO Bob Martin warning that expensive fuel and high interest rates are stretching customers' budgets.
The strong profit reports come as many companies are nearing the end of their third quarter, with analysts forecasting a nearly 29% overall growth for the S&P 500. This would mark the third straight quarter of growth better than 25% for the index.