US Stocks Edge Away from Records as Oil Prices Continue Volatility
US stocks continued their modest decline on Tuesday, moving further away from their records set just days ago. The S&P 500 fell by 0.3%, marking its second consecutive decrease since hitting an all-time high on Friday. The Dow Jones Industrial Average and the Nasdaq composite also dipped, with the former down 184 points and the latter sinking 0.6%.
The oil market saw more volatility as prices for a barrel of Brent crude briefly spiked above $90 before falling back to below $87, eventually settling at $88.91, up 1.4% from Monday's price. This uncertainty stems from the ongoing conflict in Iran, which has kept much of the world's oil pent up in the Middle East.
Higher oil prices are a concern for economists, as they contribute to inflation and have already driven the average cost of regular gasoline to $4.01 per gallon, up significantly from last year's price but down slightly from last week's high.