US Stocks Hold Near Record High Amid Falling Oil Prices

The US stock market held near its record high on Tuesday as the price of Brent crude fell back below $100 per barrel. The S&P 500 was virtually unchanged in morning trading and sat 0.4% below its all-time high set last month.

Stocks got a boost after the price for a barrel of Brent crude dropped by 0.7% to $99.68, down from nearly $110 last week. The decrease in oil prices has also pulled Treasury yields down in the bond market, easing pressure on the stock market.

Several companies with big fuel bills saw their stocks rise as lower oil prices could mean less pressure on costs for both themselves and their customers. Cruise operator Carnival climbed 1.5%, while American Airlines added 0.5%. However, both pared their gains after oil prices trimmed their deepest losses from the morning.

AutoZone rose 5.2% after reporting a stronger profit for the latest quarter than analysts expected, although its revenue fell short. CEO Phil Daniele said the auto parts seller faced 'a difficult selling environment' in the first two months of the quarter but improved afterward.