US Stock Market Nears Record High as Oil Prices Fall Below $100
The US stock market is nearing its record high after the price of Brent crude fell below $100 a barrel, providing a boost to stocks.
The S&P 500 rose 0.2% and pulled within 0.2% of its all-time high set last month, while the Dow Jones Industrial Average was up 124 points, or 0.2%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was adding 0.4% to its own record.
Stocks of companies with big fuel bills were strong due to lower oil prices, which could mean less pressure on costs for both themselves and their customers. Carnival climbed 4%, and American Airlines added 2.2%.
AutoZone rose 2.7% after the retailer reported a stronger profit for the latest quarter than analysts expected, though its revenue fell short. CEO Phil Daniele said the auto parts seller faced 'a difficult selling environment' in the first two months of the quarter, but it improved afterward and 'we feel we are well positioned for sales growth' in its upcoming fiscal year.