Oil and stocks are moving together in a close relationship not seen in years. That could be a good thing for investors.
The 30-day running correlation between West Texas Intermediate futures and the S&P 500 is above 0.6, a level not seen since early 2013. A correlation of 1 would indicate perfect harmony between the two, a zero would indicate no correlation, while a reading of -1.0 would mean they were moving in exactly opposite directions.