US stocks rise toward an all-time high after oil prices ease

U.S. stocks are on track to set a new all-time high on Tuesday, following a slight decline in oil prices, according to wire material. The S&P 500 added 0.8 percent and was poised to surpass its August record, while the Dow Jones Industrial Average saw a gain of 265 points, or 0.5 percent, by 11 a.m. Eastern time. The Nasdaq composite also reached an all-time high, adding 0.8 percent since the previous day.

The positive movement in stocks was attributed to a 2 percent drop in the price of Brent crude oil, the international benchmark, to $98.30 per barrel. The decrease comes after oil had risen to nearly $110 per barrel a few weeks earlier. The easing of oil prices helped alleviate some of the pressure from high inflation, which has been affecting people and businesses worldwide.

Lower oil prices also contributed to easing tension in the bond market, with the yield on the 10-year Treasury falling from 5.31 percent to 5.25 percent late Monday. High yields have been a recent trend, making borrowing more expensive and reducing investors' willingness to pay high prices. As a result, global yields have reached their highest levels in years or even decades, slowing economic growth due to increased borrowing costs and investor reluctance.