**U.S. Stocks Near Record Highs as Oil Prices Surge Following New Sanctions on Russia**
NEW YORK (AP) — U.S. stocks climbed to the brink of their record highs on Thursday as oil prices surged, fueled by President Donald Trump’s announcement of “massive” new sanctions targeting Russia’s crude industry.
The S&P 500 rose 0.6%, coming within 0.2% of its all-time high set earlier this month. The Dow Jones Industrial Average added 144 points, or 0.3%, finishing just shy of its own record established earlier this week. Meanwhile, the Nasdaq composite advanced 0.9%.
Energy companies led the gains, with Exxon Mobil rising 1.1%, ConocoPhillips up 3.1%, and Diamondback Energy climbing 3.4%. These increases followed a roughly 5.5% jump in crude oil prices after sanctions were announced against Russian oil giants Rosneft and Lukoil.
The sanctions aim to pressure Russia’s President Vladimir Putin to end the ongoing war in Ukraine and may tighten the global oil supply. This boost helped oil prices recover some of their recent sharp declines, which had been driven by expectations of plentiful crude inventories. Despite the rebound, oil prices remain down more than 10% for the year so far.
Adding to the upward momentum in the stock market were strong earnings reports from several major U.S. companies as the summer profit-reporting season ramps up. Most companies have exceeded Wall Street’s expectations, which is typical during this period.
For example, Dow Inc. surged 12.9%, and Las Vegas Sands rallied 12.4% after both companies posted better-than-expected earnings. Tesla overcame an early dip to rise 2.3% after reporting weaker profits but stronger revenue for the latest quarter than analysts had anticipated.
The overall pressure remains on companies to deliver robust profit growth to justify their stock prices after the S&P 500’s 35% rally from the April low.
On the downside, Molina Healthcare plunged 17.5% after its quarterly profit fell significantly short of forecasts. CEO Joseph Zubretsky cited a tough environment for medical costs, a challenge echoed across the insurance industry with ongoing concerns about rising healthcare expenses.
IBM shares slipped 0.9% despite reporting better profit and revenue than expected. Investors were disappointed by weaker-than-anticipated results from its Red Hat business, which provides open-source software products.
By the close, the S&P 500 had added 39.04 points to 6,738.44. The Dow rose 144.20 points to 46,734.61, and the Nasdaq gained 201.40 points to 22,941.80.
**Gold Prices Rally After Recent Decline**
In the gold market, prices rebounded strongly, halting a sharp recent slide. The price of gold jumped 2% to $4,145.60 per ounce, recovering after a steep drop over the past two days following its latest all-time high.
Gold has surged approximately 57% so far in 2025, driven by ongoing concerns about soaring government debts worldwide. The U.S. government’s gross national debt surpassed $38 trillion on Wednesday, fueling worries that continued acceleration could exacerbate inflation.
**Bond Market and Economic Outlook**
In bond markets, the yield on the 10-year Treasury note rose to 4.00% from 3.97% late Wednesday ahead of an important inflation report scheduled for Friday. The report, delayed due to the recent U.S. government shutdown, will reveal how much inflation consumers experienced in September.
A benign reading could encourage the Federal Reserve to continue cutting interest rates to support the slowing job market. The Fed made its first rate cut of the year last month but has expressed caution in signaling further cuts due to the risk of fueling inflation.
**Global Markets Update**
Overseas, stock markets showed mixed results. European indexes rose broadly, while Asia finished with mixed outcomes. Hong Kong’s market climbed 0.7%, and Shanghai gained 0.2% after leaders in Beijing concluded a key Communist Party meeting outlining the coming five years’ agenda. The leadership emphasized accelerating self-reliance in science and technology.
Conversely, Japan’s Nikkei 225 dropped 1.4%, and South Korea’s Kospi declined 1%, marking two of the largest losses across global markets.
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