NEW YORK (AP) — Stocks kicked off a busy week on Monday with mixed trading on Wall Street that is keeping the market hovering around its all-time high.
The S&P 500 was mostly unchanged and is trading around its record set last week. The Dow Jones Industrial Average rose 91 points, or 0.2%, as of 9:58 a.m. Eastern time. The Nasdaq composite was fell 0.1%.
Energy stocks had some of the biggest gains as oil prices jumped. Exxon Mobil rose 1.8% and Chevron rose 1.9%.
Technology stocks were the biggest weights on the market. Micron Technology fell 4.2% and Advanced Micro Devices fell 1.8%. They are among several companies in the sector with big stock values that tend to have a heavy influence on the market.
The price of Brent crude, the international standard, jumped 2.1% to $106.95 per barrel. Prices have been swinging between $96 and nearly $110 over the last month over uncertainty about when the U.S. war with Iran and its continued impact on global energy supplies and inflation.
Prices jumped despite President Donald Trump’s announcement on social media Friday that he struck a deal to buy Russian diesel with Russian President Vladimir Putin, aiming to tamp down a spike in fuel prices ahead of the Nov. 3 U.S. midterm elections. The plan, though, runs counter to U.S. efforts to cut the flow of money Russia gets from oil and gas sales that can be used to pay for its war against Ukraine.
The surge in energy prices and its impact on the broader economy will be a key focus this week as Wall Street reviews several important economic updates. They include fresh data on the housing market, inflation and retail sales. The latest round of corporate earnings updates ramps up this week with financial results from banks, including Citigroup, JPMorgan Chase and Wells Fargo.
U.S. bond trading was closed for the Columbus Day holiday.
Markets in Europe gained ground and markets in Asia were mostly lower. Markets in Tokyo were closed for a holiday.
AP Business Writers Michelle Chapman and Elaine Kurtenbach contributed to this report.
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