NEW YORK (TheStreet) -- Crude oil prices were being crushed again on Friday as jobs growth fueled a rally in the U.S. dollar. But stocks appeared to be shaking off the drop in commodity prices yet again.
Since a mid-summer high, West Texas Intermediate crude has plummeted nearly 40% to below $66 a barrel, even as the S&P 500 climbed more than 7% over the same period.
"The broader market has shaken off this oil [decline]," said Schaeffer's Investment Research's Todd Salamone in a call. "Unlike like 2008 when the plunge in oil was demand-side driven, this is partly supply-side driven. There is a difference in that this might not necessarily be indicative of a tremendous slowdown in the U.S ... the markets are saying is this could be beneficial not detrimental."
There certainly have been winners and losers -- such as airlines and oil companies -- as oil prices have declined. West Texas Intermediate crude fell nearly 1%, recovering slightly from a five-year low on Friday. Exxon Mobil (XOM) fell 0.49%, Chevron (CVX) tumbled 1% and BP (BP) slipped 0.94%. The Energy Select Sector ETF (XLE) slid 1.1%.