US Stocks Hold Near Record High Despite Rising Oil Prices
The US stock market is hovering near its all-time high on Wednesday, despite concerns over rising oil prices. The S&P 500 slipped 0.1% in early trading and is 0.5% below its record set last month. Brent oil prices rebounded by 1.3%, reaching $100.55 per barrel after a week of decline.
The climb in oil prices has pushed yields higher in the bond market, making borrowing more expensive for consumers and businesses alike. The yield on the 10-year Treasury rose to 4.99% from 4.96% late Tuesday.
Despite these challenges, strong growth in corporate profits has helped Wall Street remain close to records. KB Home reported a better-than-expected profit for the latest quarter, but its stock fell 1%. General Mills also exceeded analyst expectations, although it trimmed its forecast for this fiscal year due to 'a continued challenging consumer backdrop.'