Wall Street pulls within 1% of its record after oil prices and bond yields ease

stocks are climbing with markets worldwide on Monday after oil prices and yields in the bond market gave back some of their jumps from last week.The S&P 500 rose 1.4% and pulled within 0.5% of its all-time high set last month. The Dow Jones Industrial Average was up 303 points, or 0.6%, as of 1:48 p.m. Eastern time, and the Nasdaq composite was 2.1% higher.They got help from the price for a barrel of Brent oil falling 3.8% to $99.89.

While that’s still much higher than its roughly $72 price from earlier this summer, it’s down from the nearly $110 it touched last week.Oil prices are swinging up and down as some crude from the Middle East is able to sail through the Strait of Hormuz, though nowhere nearly as much as the industry and customers would like because of the war with Iran. Morgan Stanley’s Michael Wilson said another leg higher in prices for oil, gasoline and other refined products is the main risk he sees in the near term that could keep the U.S. stock market from rising to his forecasted target for the year’s end.The average price for a gallon of regular gasoline across the United States has already climbed to nearly $4.48, according to AAA.

That's up from less than $4.32 just a week earlier and from $3.18 a year ago.Monday’s pullback in oil prices helped lower the pressure coming from the bond market. The yield on the 10-year Treasury eased to 4.97% from 5.01% late Friday after it crossed above the 5% threshold last week for the first time in three years.Yields have been on the rise because of worries about inflation, big debt loads for governments worldwide and other factors. That hurts the economy because high yields make it more expensive not only for the U.S.

government to borrow money to pay its bills but also for households and businesses.Worries remain about how much oil is available for customers worldwide, ING commodities strategists Ewa Manthey and Warren Patterson wrote in a commentary on Monday. However, they said profit-taking by investors after the recent jump in oil prices, together with hopes for constructive discussions at this week’s U.N. General Assembly and at a meeting between China’s and the United States’ leaders, helped improve optimism.U.S.

Treasury Secretary Scott Bessent told reporters following talks Sunday with Chinese Vice Premier He Lifeng in New York that the U.S. The Dow Jones Industrial Average was up 308 points, or 0.6%, as of 12:44 p.m. Eastern time, and the Nasdaq composite was 2% higher.They got help from the price for a barrel of Brent oil falling 4.3% to $99.38.

The yield on the 10-year Treasury eased to 4.95% from 5.01% late Friday after it crossed above the 5% threshold last week for the first time in three years.Yields have been on the rise because of worries about inflation, big debt loads for governments worldwide and other factors.