US Stocks Drift Near Records Amid Rising Oil Prices and Strong Earnings

The US stock market is hovering near its all-time high on Monday as oil prices rise. The S&P 500 was virtually unchanged, coming off its record set on Friday, while the Dow Jones Industrial Average and Nasdaq composite showed little movement.

Momentum for stocks has slowed following a rally driven by soaring profits from big US companies. Reports suggest that earnings per share for companies in the S&P 500 were 50% higher in the spring compared to a year earlier, marking the best growth since five years ago when the economy was recovering from the COVID crisis.

Berkshire Hathaway, led by Warren Buffett's successor Greg Abel, reported stronger profits than expected and invested some of its massive cash pile into stocks. The company's stock rose 2.2%, contributing to the S&P 500 index.