US Stocks Ticking Closer to Record High as Oil Prices Decline

The US stock market continues to inch closer to its record high as oil prices decline. The S&P 500 rose by 0.2% and is now just 0.2% away from its all-time high set last month. The Dow Jones Industrial Average increased by 124 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record.

The price of Brent crude fell back below $100 a barrel after dropping 1.9% to $98.46. This decline in oil prices has eased some pressure on the stock market and pulled Treasury yields down in the bond market. The yield on the 10-year Treasury edged down to 4.95% from 4.96%, but remains above its pre-war level of 3.97%.

Stocks of companies with high fuel bills, such as Carnival and American Airlines, performed well due to lower oil prices. Cruise operator Carnival climbed by 4% and American Airlines added 2.2%. AutoZone rose by 2.7% after reporting stronger-than-expected profits for the latest quarter.