US Stocks Drift Near Records as Oil Prices Bounce Higher
The US stock market continued its drift near its all-time high on Monday, as oil prices bounced higher due to uncertainty about the Strait of Hormuz.
The S&P 500 rose 0.1% after fluctuating between small gains and losses, coming off its record set on Friday. The Dow Jones Industrial Average was down 61 points, or 0.1%, while the Nasdaq composite was 0.1% higher.
Momentum is slowing for stocks following a strong rally powered by reports showing profits soared during the spring for big US companies. Earnings per share for companies in the S&P 500 are on track to be 50% higher from a year earlier, according to FactSet.
Berkshire Hathaway, led by Warren Buffett, reported stronger-than-expected profits and invested some of its massive cash pile into stocks under its new CEO Greg Abel. The company's stock rose 2.4%, making it one of the strongest forces lifting the S&P 500 index.