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Market Snapshot: Want to know where the stock market’s headed over the next 6 months? Don’t ask OPEC

The vagaries of crude-oil and appeared to weigh heavily on stocks in the past week, but as the landscape of rest of 2017 looks set to unfurl into the second half, it’s hard to make a case that a downturn in oil will be the dagger that takes down a bull market headed into its ninth year.

That is because oil’s gravitational pull on the markets is far from what it used to be during crude’s halcyon days of three-digit price tags. Back in 2008, oil’s moves were closely aligned with equity benchmarks like the S&P 500 index SPX, +0.16% the Dow Jones Industrial Average DJIA, -0.01% and the Nasdaq Composite Index COMP, +0.46% demonstrating a positive correlation.

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