Wall Street nears record as oil prices, bond yields ease
NEW YORK — U.S. 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 percent and pulled within 0.9 percent of its all-time high set last month. The Dow Jones Industrial Average was up 193 points, or 0.4 percent, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 1.6 percent higher. They got help from the price for a barrel of Brent oil falling 3.4 percent to $100.29. 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...
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