US Stocks Slide as Oil Prices Climb to $101.52

The U.S. stock market pulled back from its all-time high on Wednesday due to concerns about oil prices, despite strong growth in profits for companies.

Oil prices rose 2.3% to $101.52 per barrel of Brent, reversing a decline that started when Iran's war with the U.S. sent prices up.

The S&P 500 slipped 0.3%, while the Dow Jones Industrial Average fell 126 points (0.2%) and the Nasdaq composite dropped 0.5% from its record high.

However, yields on 10-year Treasury bonds increased to 5.03% due to strong growth in U.S. business activity, which could slow down the economy by making borrowing more expensive.

The report also suggested that costs for businesses are rising at their fastest rate in four years, mainly due to higher fuel prices.