US Stocks Dip Amid Oil Price Uptick

US stocks declined on Wednesday after oil prices stopped their week-long run of easing. The price for Brent oil rose 2.4% to $101.59, reversing a decline that had been going on since it hit nearly $110 last week.

The S&P 500 fell 0.6% and was 1.1% below its record set last month. The Dow Jones Industrial Average dropped 87 points or 0.2%, while the Nasdaq composite slid 1.1% from its all-time high.

The climb in oil prices pushed yields higher in the bond market, making it more expensive for everyone to borrow money. Yields jumped on Wednesday after a preliminary report suggested US business activity surged to its strongest level in over five years.