NEW YORK (TheStreet) -- The S&P 500 was trading flat on Monday as energy stocks were slammed on bearish sentiment surrounding crude oil.
Stocks were on a tear last week after Federal Reserve Chair Janet Yellen and colleagues said the central bank would remain "patient" in its approach to interest rate hikes.
The Dow Jones Industrial Average climbed 0.37%, and the Nasdaq fell 0.05%.
Oil prices fell Monday with West Texas Intermediate crude down 2.1% to $55.91 a barrel after a brief rebound earlier. Saudi Arabian Oil Minister Ali al-Naimi said his country was prepared to increase output to meet the demands of new customers, according to Saudi newspaper al-Hayat.
As Wall Street enters its final two holiday-shortened weeks of the year, trading volume likely will remain light and corporate announcements scant. Existing home sales slid 6.1% to 4.93 million in November, down from 5.25 million a month earlier and missing estimates of an annualized pace of 5.17 million.
Economic growth significantly improved in November, according to the Chicago Fed national activity index Monday. The index increased to 0.73 from an upwardly revised 0.31 in October, while the three-month average jumped its highest point since May 2010.