Commodities
US Stock Market Pulls Back Amid Rising Oil Prices and Inflation Concerns
The US stock market pulled back from its all-time high on Wednesday due to rising oil prices and concerns about inflation. The S&P 500 slipped 0.3% and is now 0.8% below its record set last month.
The Dow Jones Industrial Average was down 126 points, or 0.2%, while the Nasdaq composite fell 0.5% from its own all-time high.
The price for a barrel of Brent oil rose 2.3% to $101.52, reversing a decline that had been ongoing since hitting nearly $110 last week on worries about the war with Iran keeping oil bottled up in the Middle East.
Talks between US and Iranian officials are continuing through mediators, but nothing concrete has come from it yet.