U.S. stocks advanced on Thursday, cutting weekly losses, but euphoria over increased retail sales in November faded as oil fell to another five-year low and renewed worries of a government shutdown.
Stocks finished far off session highs, with Wall Street starting to dial back gains after crude dropped below $60 a barrel, and the pullback escalated amid efforts to block a spending bill in the House, sparking worries of the government closing.
“It’s a combination of oil dipping below key support levels and trepidation over Washington’s inability to get something accomplished,” said Art Hogan, chief market strategist at Wunderlich Securities.
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