NEW YORK (MarketWatch)—U.S. stocks could use a bit of holiday cheer. As November draws to a close, ushering in the final weeks of the year, the market is battling an insidious villain: cheap oil.
Forget that the Dow Jones Industrial Average registered its 31st-record close in a thinly-traded, holiday-abbreviated session Friday.
The S&P 500 SPX, -0.25% is up 11.86% year-to-date, 3.5% for the month, the Nasdaq COMP, +0.09% has advanced 14.7% this year, gaining 3.5% on the month, while the Dow DJIA, +0.00% added 7.5% so far this year, 2.5% in November.
Those gains may be under pressure in the wake of the Organization of Petroleum Countries deciding not to cut its 30-million-barrel-a-day oil production target, in an effort to maintain leverage over world oil prices.
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