US Stocks Near Record High as Oil Prices Eased
The US stock market is near its record high after oil prices eased on Tuesday. The S&P 500 rose 0.1%, and the Dow Jones Industrial Average was down 135 points, or 0.3%. The Nasdaq composite added 0.5% to its own record.
Oil prices briefly fell below $98 per barrel in the morning but later trimmed their losses. Brent crude settled at $99.25 per barrel, down 1.1% from Monday's close.
A handful of companies reported strong profit results, including AutoZone and Thor Industries. AutoZone's CEO Phil Daniele said the auto parts seller faced a 'difficult selling environment' in the first two months of the quarter but improved afterward.
The US stock market has reached the brink of its all-time high despite expensive oil and concerns about the artificial-intelligence industry. Analysts are forecasting companies in the S&P 500 will report overall growth of nearly 29% for the third quarter, according to FactSet.