US Stocks Near Record High as Oil Prices Ease

The US stock market inched closer to its record high on Tuesday after oil prices eased. The S&P 500 rose 0.1% and is just 0.3% below its all-time high set last month.

Oil prices briefly fell below $98 per barrel, but later trimmed their losses and settled at $99.25 per barrel, down 1.1%. This decline came after oil prices had touched nearly $110 last week due to uncertainty about the war in Iran and its impact on crude exports.

Despite expensive oil, strong profit reports from companies like AutoZone and Thor Industries helped push stocks higher. AutoZone rose 4.3% after reporting a stronger profit than expected, while Thor Industries' stock jumped 4.7% despite muted expectations.

Banks, however, continued their weak run due to the Federal Reserve's interest rate hike last week. JPMorgan Chase fell 3.2%, and ConocoPhillips dropped 1.2% as oil prices declined.