US Stocks Drift Near Records Amid Oil Price Surge
The US stock market is experiencing a slight decline on Monday, hovering near its all-time high. The S&P 500 fell 0.1% after fluctuating between small gains and losses following its record set on Friday.
The Dow Jones Industrial Average dropped 114 points, or 0.2%, while the Nasdaq composite was 0.5% lower as of 12:43 p.m. Eastern time.
Despite this, momentum is slowing for stocks after a rally fueled by soaring profits from big US companies. Reports indicate earnings per share for companies in the S&P 500 were 50% higher in the spring compared to last year, marking the best growth since five years ago when the economy was recovering from the COVID pandemic.
Berkshire Hathaway's strong profit and investment in stocks under its new CEO, Greg Abel, helped lift the S&P 500 index. Its stock rose 2.1% due to Berkshire Hathaway's immense size.