U.S. stocks were little changed on Friday, with the S&P 500 rising a fraction of a point to notch another record, as investors tracked the price of oil and after October retail sales rose 0.3 percent, just above expectations, along with a November jump in consumer confidence.
"The real trade will be when everybody wakes up and realizes lower oil prices are a tailwind for the consumer. Increased consumer confidence, higher levels of employment and lower gasoline prices, I really believe none of that is baked into the cake yet," said Art Hogan, chief market strategist at Wunderlich Securities.
Baker Hughes rose after the oilfield-services provider confirmed discussions with Halliburton. Hertz Global Holdings declined after the car-rental company said it would restate three years of financial results.
Investors are currently viewing the decline in crude "as a read on the global economy rather what it truly is, which is a read on global supply," said Hogan.
Another economic report from the government on Friday had U.S. import prices falling in September the most in two years as the cost of petroleum products fell and a stronger dollar made it cheaper for Americans to buy goods from abroad.
Read MoreStrong dollar, weak oil helping Americans get cheaper imports