NEW YORK (TheStreet) -- Tuesday traders shook free of the lethargy that has characterized stock sessions over the past week as a cocktail of buzzwords (oil, the eurozone, U.S. data, more oil!) fueled markets to new closing highs.
Three cheers for the S&P 500 which closed the session at an all-time high for a fifth-consecutive session, knocking its last record off the podium by a wide 12-point margin.
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Commodity prices were causing waves again, dropping below $75 a barrel again, on doubts the Organization of Petroleum Exporting Countries (OPEC) would cut production in the face of a global supply glut. The participating countries, which account for around 40% of global oil production, will meet in Vienna on Nov. 27 to discuss ways in which to stabilize cratering prices.
On Tuesday alone, West Texas Intermediate crude crumbled 1.5% to $74.51 a barrel.
But, in a televised address on Monday evening, Venezuela President Nicolas Maduro said OPEC and non-OPEC countries were currently planning an additional gathering even earlier.
For energy stocks, talks can't come soon enough. Crude oil prices have plunged 30% since summer, leading some of the world's largest oil suppliers to lose value. Since July, Exxon Mobil (XOM) has dropped nearly 6%, Chevron (CVX) has tanked 11%, and France-based Total SA (TOT) has plummeted almost 20%.
On the plus side, though supply has undercut prices, commodity demand remains resilient. "If you look at country-by-country, region-by-region basis, in fact the U.S. has done pretty well. The demand is up 1%," Natixis oil markets analyst Abhishek Deshpande told CNBC. "In Europe, negative growth has actually been less than what we were expecting. Instead of dropping by 2%, they've actually dropped by less than 1%."