Commodities
Stocks Near Record High as Oil Prices Eased, Strong Profit Reports Drive Gains
The US stock market is close to its record high after oil prices dropped. The S&P 500 rose 0.1% and Brent crude briefly fell below $98 per barrel, but later trimmed its losses and settled at $99.25.
Several strong profit reports, including those from AutoZone and Thor Industries, contributed to the market's gains. AutoZone's CEO Phil Daniele said the retailer faced a 'difficult selling environment' in the first two months of the quarter but improved afterward.
Brent crude prices have been swinging due to uncertainty about when the war with Iran will allow crude to flow freely from the Middle East to customers worldwide. It has dropped from nearly $110 last week and is still more expensive than its pre-war price of $72 per barrel.