U.S. stocks snap 3-day losing streak but close below intraday highs

A rally in the U.S. stock market, sparked by robust consumer spending data on Thursday, fizzled out by the end of the session as indexes pulled back from session highs, prompted by a renewed slide in oil prices.

The S&P 500 index SPX, +0.45%  closed 8 points, or 0.4%, higher at 2,034. Energy sector stocks went from being up 2% to finish flat at the end. 

Dollar surges against oil-backed currencies as crude falls below $60

The dollar extended its gains against the ruble, Norwegian krone and Canadian dollar Thursday as crude oil prices fell below $60 a barrel, a sign that the contagion that has afflicted the ruble for the past two weeks has spread to the currencies of other major oil exporters.

The buck traded at USDNOK, +0.56%  7.32 krone, and USDCAD, +0.10%  1.155 Canadian dollars, its highest level since July 2009, compared with 7.13 krone and 1.140 Canadian dollars Wednesday afternoon.

Strong November retail sales figures pushed the dollar higher against its G-4 rivals, helping it snap a three-day losing streak. The euro EURUSD, -0.14% traded slightly below $1.24, compared with $1.245 Wednesday.

The buck traded at 118.90 yen USDJPY, -0.02% compared with ¥117.57 Wednesday. It traded flat against the pound GBPUSD, -0.05%  at $1.57.

The ICE U.S. Dollar Index DXY, -0.01% a trade-weighted measure of the dollar’s strength against a basket of six rival currencies, rose 0.38% to 88.60.

Copper and Platinum Market Update

High-grade copper for March delivery HGH5, +0.03% tacked on 3 cents, or 1%, to $2.92 a pound.

January platinum PLF5, -0.22% fell 40 cents to $1,242.20 an ounce, while March palladium PAH5, -0.21%  lost $1.80 to $819.60 an ounce.

Oil and Gas Market Update

Natural gas NGF15, +0.77%  fell 7 cents, or 1.9%, to $3.6340 per million British thermal units. That snapped a two-session winning streak.

Earlier Thursday, the U.S. Energy Information Administration reported that U.S. supplies of natural gas had declined 51 billion cubic feet in the week ended Dec. 5. Analysts had expected a decline around 45 bcf.

 January heating oil HOF5, -0.26%  bucked the trend to gain 1.5 cent, or 0.7%, to end at $2.0614 a gallon. Heating oil on Wednesday hit its lowest finish since September 2010.

Oil finishes under $60, a fresh 5-year low

Oil prices slumped further Thursday, with the U.S. crude benchmark settling under $60 a barrel for the first time in more than five years.

On the New York Mercantile Exchange, light, sweet crude for delivery in January CLF5, -1.03%  fell 99 cents, or 1.6%, to settle at $59.95 a barrel. That marked the lowest settlement since July 14, 2009 for a front-month contract. The U.S. oil benchmark has dropped 44% from its June 20 high.

January Brent crude LCOF5, -0.28% slid 56 cents, or 0.9%, to settle at $63.68 a barrel on London’s ICE Futures exchange. The European oil benchmark finished at its lowest level since July 16, 2009.