(CNBC) — U.S. stocks drifted little changed on Monday, after the market's best week of the year, as investors tracked the cost of crude as a proxy for the health of the global economy and sorted through quarterly earnings.
"We have a tug of war between strong fundamentals in the U.S. versus the global macro," said Art Hogan, chief market strategist at Wunderlich Securities.
And, Wall Street currently views $80.50 a barrel for West Texas Intermediate as a pivot point for risk on, risk off. "All of a sudden, WTI at $80.50 is a barometer for the global economy. Above it and the world is not a terrible place, and below the sky is falling," Hogan said.
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