US Stock Market Edges Closer to Record High Amid Oil Price Volatility
The US stock market edged closer to its record high on Tuesday after oil prices retreated for the fifth consecutive day.
Oil prices, a major concern for investors due to their impact on inflation and economic growth, have been volatile in recent days. Brent crude settled at $99.25 per barrel, down 1.1% from last week's nearly $110, but still significantly higher than the pre-Iran war price of $72.
Despite the uncertainty surrounding oil prices, many companies are reporting stronger-than-expected profits, which is contributing to the stock market's rise. AutoZone rose 4.3% after its quarterly profit exceeded analyst expectations, while Thor Industries saw its stock increase by 4.7% despite its CEO stating that high interest rates and inflation were affecting customer budgets.
The Dow Jones Industrial Average was down 135 points, or 0.3%, but the Nasdaq composite rose 0.5%. The S&P 500, which is just 0.3% below its all-time high set last month, increased by 0.1%.