US stocks are rallying to the edge of their all-time high on Monday after easing oil prices helped calm Wall Street’s worries that inflation could get even worse. The S&P 500 jumped 1.5 per cent and is just 0.1 per cent below its record set earlier this summer. It’s coming off a wild July, where it swung up and down as oil prices shot higher because of the war with Iran and other worries. The Dow Jones Industrial Average was up 649 points, or 1.2 per cent, in the afternoon, and the Nasdaq composite was 2.2 per cent higher.