US Stock Market Holds Near Record High Amid Oil Price Volatility

The US stock market held near its record high on Tuesday after oil prices eased again. The S&P 500 was virtually unchanged, edging down by less than 0.1%, and is sitting 0.4% below its all-time high set last month.

The Dow Jones Industrial Average dipped 185 points, or 0.4%, while the Nasdaq composite added 0.5% to its own record. Stocks had been higher in the morning when the price for a barrel of Brent crude briefly fell below US$98, but oil prices later trimmed their losses and settled at US$99.25 per barrel, down 1.1%.

Several companies reported stronger-than-expected profits, including AutoZone, which rose 3.3%, and Thor Industries, whose stock climbed 5.5%. However, banks continued to struggle following the Federal Reserve's interest rate hike last week, with JPMorgan Chase falling 3.4%.