US Stocks Tread Water Near All-Time Highs Amid Oil Price Surge
The US stock market is experiencing a mixed open on Monday, hovering near its all-time high. The S&P 500 index has been virtually unchanged after flipping between small gains and losses, coming off its record set on Friday.
The Dow Jones Industrial Average was flat as of 11:30 am Eastern time, while the Nasdaq composite was 0.3% lower. This sluggish momentum follows a rally fueled by soaring profits for big US companies, with reports indicating earnings per share for S&P 500 companies were 50% higher in the spring from a year earlier.
Berkshire Hathaway's stronger-than-expected profit and its decision to invest some of its massive cash pile into stocks under new CEO Greg Abel have lifted its stock by 2.2%, contributing significantly to the S&P 500 index's performance.