US Stocks Hold Steady Near Record High Amid Oil Price Rise
The US stock market held steady near its all-time high on Monday, while crude oil prices rose due to uncertainty over the Strait of Hormuz's reopening.
According to FactSet, earnings per share for S&P 500 companies are expected to show a 50% increase from last year, the best growth in five years. Berkshire Hathaway reported stronger-than-expected profits and invested some of its cash into stocks under new CEO Greg Abel.
Berkshire Hathaway's stock rose 2.2%, contributing to the S&P 500 index. Other notable gainers included MarineMax, which jumped 45.6% after agreeing to be sold for $1.5 billion in cash, and Varex Imaging, which leaped 48.5% following Teledyne Technologies' acquisition offer.
However, Intel fell 3.6% after announcing it may sell $15 billion of its stock, potentially diluting existing investors' ownership stakes.