Commodities
US Stocks Near Record Highs Amid Oil Price Surge
The US stock market has continued its steady climb, hovering near its all-time high. This comes as oil prices have risen due to uncertainty surrounding the Strait of Hormuz's reopening.
The S&P 500 remained virtually unchanged after fluctuating between small gains and losses. The Dow Jones Industrial Average was flat at 11:30 a.m. Eastern time, while the Nasdaq composite dipped 0.3% lower.
Despite slowing momentum, reports indicate that earnings per share for companies in the S&P 500 will be 50% higher than last year's spring numbers, according to FactSet. This would mark the best growth since five years ago, when the economy was recovering from the COVID-19 pandemic.