NewzNEW YORK (AP) — Wall Street is holding near its record high on Tuesday after the price of Brent oil fell back below $100 per barrel.The S&P 500 was virtually unchanged in morning trading and sitting 0.4% below its all-time high set last month. The Dow Jones Industrial Average was down 220 points, or 0.4%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was adding 0.3% to its own record.Stocks got some help after the price for a barrel of Brent crude fell 0.7% to $99.68.
It’s come down from nearly $110 last week, though it’s still much more expensive than the $72 it was fetching before the war with Iran began. It’s been swinging with uncertainty about when the war will allow crude to freely flow again from the Middle East to customers worldwide.The past week’s fall for oil prices has pulled Treasury yields down in the bond market, which has eased some of the pressure on the stock market. The yield on the 10-year Treasury topped 5% last week for the first time since 2023, and high yields slow the economy by making it more expensive for everyone to borrow money.The 10-year yield edged down to 4.95% from 4.96% late Monday, though it also remains far above where it was before the war with Iran began, 3.97%.On Wall Street, stocks of companies with big fuel bills rose because lower oil prices could mean less pressure on costs for not only themselves but also for their customers.
Cruise operator Carnival climbed 1.5%, and American Airlines added 0.5%, though both pared their gains after oil prices trimmed their deepest losses from the morning.AutoZone rose 5.2% after the retailer reported a stronger profit for the latest quarter than analysts expected, though its revenue fell short. CEO Phil Daniele said the auto parts seller faced “a difficult selling environment” in the first two months of the quarter, but it improved afterward and “we feel we are well positioned for sales growth” in its upcoming fiscal year.At Thor Industries, which sells recreational vehicles, the mood was more muted. CEO Bob Martin said expensive fuel, high interest rates and still-high inflation are stretching its customers’ budgets, and business “never reached the inflection point many in the industry expected” in its latest fiscal year.Its stock rose 2.2%, though, after it delivered a stronger profit for the latest quarter than analysts expected.Such strong profit reports are one of…
NEW YORK (AP) — Wall Street is ticking closer to its record high on Tuesday after the price of Brent oil fell back below $100 per barrel.The S&P 500 rose 0.2% and pulled within 0.2% of its all-time high set last month. The Dow Jones Industrial Average was up 124 points, or 0.2%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was adding 0.4% to its own record.Stocks got a boost after the price for a barrel of Brent crude fell 1.9% to $98.46.
Cruise operator Carnival climbed 4%, and American Airlines added 2.2%.AutoZone rose 2.7% after the retailer reported a stronger profit for the latest quarter than analysts expected, though its revenue fell short. stock market has reached the brink of its all-time high despite high oil prices, stu…
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