US Stocks Hold Near Record High Amid Rising Oil Prices
The US stock market is hovering near its all-time high after oil prices halted their recent decline. The S&P 500 slipped 0.1% in early trading on Wednesday, while the Dow Jones Industrial Average fell 55 points and the Nasdaq composite dropped 0.3%. The price for a barrel of Brent oil rose 1.4%, pushing yields higher in the bond market and slowing down the economy by making borrowing more expensive.
Investors are also focusing on Chinese President Xi Jinping's state visit to Washington, which kicked off on Wednesday, and his meeting with US President Donald Trump, where artificial intelligence is expected to be a key topic. The two leaders will attempt to strengthen their fragile ties in their third meeting since Trump returned to the White House.
Brent crude dipped 0.3% to $98.99 per barrel, still elevated compared to its level from late February before the Iran war and about $30 more than at this point last year. The US dollar rose to 157.82 Japanese yen from 157.39 yen, while the euro was trading at $1.1412, down from $1.1449.