U.S. stocks closed mixed on Black Friday amid a slide in oil prices following OPEC's announcement that it would not cut its output.
The Dow Jones Industrial Average eked out a record close by 0.49 points, ending the month without having lost ground in back-to-back sessions since Oct. 15-16.
Friday was the final trading day of November, and the Dow and S&P 500 posted a second straight month of gains and the 8th in 11 months this year. Both indexes barely held onto their 6th straight week of gains, their longest winning streak in a year.
The S&P 500 Energy Sector entered bear market territory with a plunge of more than 6 percent, the biggest since August 8, 2011 following the S&P downgrade of the U.S. credit rating. The sector also had its worst week in more than 3 years with a decline of more than 9 percent.
"I think the weakness in energy has spooked some people and there's some profit taking going on," Marc Chaikin of Chaikin Analytics said. He has a target of 2,150 on the S&P 500 by the year's end.
Earlier, the Dow Jones Transportation Average rose more than 1 percent to an intraday record, with airlines JetBlue and Southwest leading the rally, but lost all those gains as railroads declined and oil barge operator Kirby lost more than 6 percent.
"The one issue with transportation stocks is the railroad stocks have made a lot of money transporting shale oil," said Peter Boockvar, chief market analyst at The Lindsey Group.
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On Thursday, the 12-member oil cartel OPEC announced it would hold its output target at 30 million barrels per day, triggering a sharp decline in oil prices. The decision surprised some market professionals, who had forecast that Saudi Arabia would push through a cut.
Crude touched four-and-a-half-year lows on the news and traded below $70 a barrel on Friday.