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."