Stocks drift near their records as oil prices rise

U.S. stocks drifted near their all-time highs Monday as oil prices rose on uncertainty about when the Strait of Hormuz could reopen. The S&P 500 slipped 0.1% after hitting a record Friday, while the Dow Jones was down 85 points (0.2%) and the Nasdaq was 0.2% lower around 9:35 a.m. Eastern. Momentum cooled after a rally driven by stronger spring profits; FactSet said S&P 500 earnings per share are on track to be 50% higher year over year. Berkshire Hathaway rose 2.1% after reporting stronger-than-expected profit. Intel weighed on the market, falling 4% after saying it may sell $15 billion in stock. Oil: Brent gained 2% to $85.23.