Oil prices whipsaw while US stocks glide near their record heights
US stocks remained near record highs as companies reported strong profits, while oil prices surged and then fell after concerns about Iran's closure of the Strait of Hormuz. The S&P 500 rose 0.1% as Alphabet's 5.8% gain led the way after its profit almost doubled analysts' expectations.
The US stock market remained steady near its record highs following strong profit reports from major companies. The S&P 500 rose 0.1% as Alphabet's profit almost doubled analysts' expectations, leading to a 5.8% gain. Oil prices surged overnight due to concerns about Iran's closure of the Strait of Hormuz but later fell. The price of Brent crude rose as high as $114.70 overnight before regressing to $109.80. Companies like Caterpillar and Eli Lilly rallied over 6% after reporting better-than-expected profits. Meta Platforms fell 9.9% despite making more profit than expected, as investors focused on its increased forecast for spending on data centers and AI capabilities.
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