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Stocks Flirt With All-Time Highs on Oil Price Pop

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Today's financial recap and tomorrow's financial outlook.

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The S&P 500 (SPX) rallied for the third straight day, flirting with all-time highs in the process.

The index went slightly negative in the first minute of trading, but it was all green from there.

Crude oil, the price of which has been a major driver of recent market volatlity, continued its reversal off the Tuesday lows, providing support for equities. Additionally, the Russian ruble continued rallying against the US dollar

Energy was the best-performing S&P sector today, with the Energy Select Sector SPDR ETF (XLE) rising 3.2%.

Other risk assets, including high-yield bonds, biotech stocks, and social media names, also performed well.

The S&P 500 finished at 2070.65, up 0.5%. Intraday, it hit a high of 2077.85, less than two points away from the record high of 2079.47 set on December 5.

The NASDAQ Composite (COMP) underperformed slightly due to weakness in Apple (AAPL), which fell 0.8% despite a bullish research note from Morgan Stanley (MS).

On the monetary policy front, John Williams, President of the San Francisco Fed, said he believes the Fed should start hiking rates next June, even with weak inflation trends.

Shares of athletic footwear maker Nike (NKE) dropped 2.3% to $94.84 after reporting second-quarter earnings. The company beat analysts' expectations, but it said that volatile foreign exchange trends could impact results going forward.

Tomorrow's Financial Outlook

There are no major earnings reports on the calendar for Monday.

The November Chicago Fed National Activity Index will be released at 8:30 a.m. ET, followed by November Existing  Home Sales at 10:00 a.m. ET.

However, stock market action is more likely to be influenced by movements in oil prices, and by extension, Russia and the high-yield bond market.

Following the big rally off the Tuesday low, a breather seems like the rational next step, but this market continues to surprise.

Twitter: @Minyanville

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No positions in stocks mentioned.

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