NEW YORK (AP) — U.S. stocks are hanging near their records Wednesday as oil prices fall and ease the pressure on households and businesses worldwide.
The S&P 500 rose 0.1% and added to its all-time high set the day before. The Dow Jones Industrial Average was up 171 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.
Stocks of companies with big fuel bills again helped lead the way on hopes that lower oil prices will remove a big burden for them. Norwegian Cruise Line Holdings rallied 6.8%, and United Airlines climbed 6%.
The price for a barrel of Brent crude oil fell 3.7% to $95.88 as the ceasefire between the United States and Iran appeared to hold despite the U.S. military launching what it called “self-defense” strikes in southern Iran.
A barrel of benchmark U.S. crude fell even more, 4.5%, to $89.72 on hopes that the United States and Iran can reach an agreement to reopen the Strait of Hormuz to oil tankers and allow them to exit the Persian Gulf again to deliver crude to customers worldwide.
Stocks have been able to run to records largely because companies have delivered strong profits for the start of 2026 despite the painful inflation and uncertainty caused by high oil prices, and the forecast is for them to continue.
Companies benefiting from the artificial-intelligence craze have been at the forefront, and Micron Technology rose another 2.9% to help lead the market a day after it surged 19.3% to become the latest Big Tech company worth more than $1 trillion.
Micron's stock has more than tripled already in 2026, and analysts at UBS said Tuesday it could soar even more because of how AI has fundamentally changed demand for computer memory.
Bath & Body Works rose 14.5%, and Abercrombie & Fitch climbed 12% after both reported profit for the latest quarter than analysts expected. That's even as U.S. consumers continue to say they're feeling discouraged about the economy and inflation.
On the losing side of Wall Street were stocks in the oil-and-gas industry, which were hurt by the falling prices for crude. Exxon Mobil dropped 2.2%, and Chevron fell 1.5% to cut into their big gains for the year so far. Both are still up roughly 20% since the start of the year.
In the bond market, Treasury yields eased after falling oil prices took pressure off inflation. The yield on the 10-year Treasury slipped to 4.47% from 4.50% late Tuesday and from 4.67% roughly a week ago.
It’s a respite following recent gains for yields in bond markets worldwide, which threatened to slow economies and undercut prices for stocks and all kinds of other investments. High yields have already forced the average long-term U.S. mortgage rate to its most expensive level since last summer, and they could curtail companies’ borrowing to build the artificial-intelligence data centers that have supported the U.S. economy’s growth recently.
In stock markets abroad, European indexes ticked higher following a more mixed finish in Asia. South Korea's Kospi jumped 2.3% after SK Hynix soared 9.3%. It's also benefiting from the AI boom.
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AP Business Writer Elaine Kurtenbach contributed to this report.
