NEW YORK (TheStreet) -- The S&P 500 bagged a fresh closing high, shrugging off fresh five-year lows for oil prices. The benchmark index climbed 0.09% to close at just under 2,091, a mere 2 points from its all-time intraday high.
"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 as fires at Libya's central oil export port failed to nip oversupply concerns in the bud. A global supply glut has been exacerbated by flagging demand in key regions such as China and a reluctance by OPEC members to limit production.
West Texas Intermediate crude slipped 2% to $53.69 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."