Here's Why the Stock Market Is Still Driven By Oil

Investors are still obsessed with oil. 'Oil doesn't have to go meaningfully higher, but we can't support a bull market in stocks or anything without oil at least stabilizing,' said David Nelson, chief strategist at Belpointe Asset Management. 'As long we're above that $40 mark - that seems to be where the market likes it - we're okay.' If we drift below $40, Nelson said the financials sector will be particularly hit hard, as many major banks are lenders to energy companies. Oil prices rose roughly $4 this week and now trade just over $48 a barrel. TheStreet's Scott Gamm reports from Wall Street.