US Stocks Hold Near Record High as Oil Prices Ease

The US stock market held near its record high on Tuesday after oil prices eased. 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. The drop in oil prices, which briefly fell below $98 a barrel before settling at $99.25 per barrel, down 1.1%, was seen as a positive sign for the market.

Several companies reported strong profit reports, including AutoZone, which rose 3.3% after beating earnings expectations despite falling short on revenue. Thor Industries' stock also climbed 5.5% after it delivered a stronger profit than expected.

On the losing end of Wall Street were several stocks in the oil and gas industry, which were hurt by the drop in crude prices. ConocoPhillips fell 1.8%. Banks, including JPMorgan Chase, continued their weak run since last week's Federal Reserve rate hike, with JPMorgan Chase falling 3.4%.