NEW YORK (TheStreet) -- Stocks hovered at record highs on Monday, shrugging off fresh five-year lows for oil prices and the latest economic worries out from the eurozone.
The S&P 500 added 0.18%, the Dow Jones Industrial Average climbed 0.03%, and the Nasdaq was flat.
"A lot of good news is already reflected in equity prices so I think we'll go sideways into the New Year, though still with an upward bias as we look further into the year based on favorable macro and fundamental factors," said Terry Sandven, senior equity strategist at U.S. Bank Wealth Management, in a call.
Oil prices resumed their selloff in the afternoon session over fears a global supply glut won't be addressed any time soon. Earlier, the commodity was slightly higher as fires wiped out three oil-storage tanks holding around 800,000 barrels of crude at Libya's central export terminal.
West Texas Intermediate crude slipped 2.1% to $53.59 a barrel after jumping more than 1% earlier in the session.
"The path of least resistance for WTI remains to the downside as long as rates stay below previous-support-turned-resistance at $54.50, and even a move back above that key level would only shift the near-term bias back to neutral within last week's range," Matthew Weller, senior technical analyst at FOREX.com, said in a note. "As it stands, there is no sign of bullish reinforcement on the horizon for oil."
Morningstar's Matthew Coffina remains confident in crude's eventual bounce, though. "While we've lowered our near-term oil price expectations in line with the market, our long-run oil price forecast remains $100/barrel for Brent and $90/barrel for West Texas Intermediate," he wrote in a report.
European markets recovered from session lows after Greece's parliament failed to elect a president and Greek Prime Minister Antonis Samaras called for a general election in January. International investors are nervous that the left-wing Syriza party could win, putting the country's austerity plans in jeopardy.
"Opposition party Syriza's lead over New Democracy has narrowed slightly in recent weeks since the presidential ballot was brought forward," BNP Paribas analysts wrote in a note. "However, the polls suggest it could still win around 33% of the vote, around 4pp more than ruling New Democracy, on average, suggesting the next government will probably be a Syriza-led coalition."
The Athens Stock Exchange slid more than 3%, while Germany's Dax gained 0.05% and France's CAC 40 climbed 0.51%. The National Bank of Greece (NBG tumbled more than 8%.
The Manitowoc Company (MTW jumped more than 9% as activist investor Carl Icahn disclosed a 7.77% stake. Icahn hopes to break up the company's heavy machinery and cranes segment and its food-service equipment branch into two separate businesses.
Sony (SNE shares were down 0.49% even after the studio reported $15 million sales from its digital distribution of controversial film 'The Interview.' The film has been streamed or purchased two million times via Google Play and YouTube.
Gilead Sciences (GILD was 3.5% higher after the biotech company announced it had expanded an agreement with Janssen R&D Ireland. Earlier, Morgan Stanley analysts upgraded Gilead to "overweight" from "equal weight," citing recent selloffs triggered by AbbVie's (ABBV deal with Express Scripts (ESRX .
LiveDeal (LIVE jumped 21% after the online marketing small-cap reported third-quarter revenue 209% higher year over year. Net losses of 35 cents a share came in a penny wider than expected.
Google's (GOOG Gmail email service has become unavailable in China after a steady decline in traffic since Friday. The Chinese government is reportedly behind the block, The New York Times reported. Google shares down 0.67%.
--Written by Keris Alison Lahiff in New York.