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Energy costs a potential threat to bull market

Whether the U.S. stock market's record-breaking rise continues could come down to the price of oil.

Wall Street on Friday posted its fourth weekly gain, with both the Dow Jones Industrial Average and the closing at records, supported by reassurances from the Federal Reserve that interest rates would remain low as the economy continues to recover.

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Expectations that the economy is on the mend also play into the stock market's advance, and some strategists say rising energy costs could at some point threaten the economy and the price of equities.

"If crude goes to $140 a barrel, and we've seen that before, it immediately subtracts a half a percentage point of GDP growth, all on its own," said Art Hogan, chief market strategist at Wunderlich Securities.