Oil and the stock market

On Feb. 19, the Wall Street Journal ran this story — Today’s Markets – WSJ.com:

Crude’s surge to a record over $100 a barrel quashed a daylong stock rally, as investors unloaded consumer stocks that may suffer as everyday Americans spend more at the pump.

Today, the Journal is running this story — Today’s Markets – WSJ.com:

The market got a boost from a stock-buyback plan at International Business Machines and solid gains in the energy sector, which benefited from crude oil’s return above $100 a barrel.

So, on the 19th oil, at $100 a barrel is a market negative; on the 26th, oil at $100 a barrel is a market positive? Or, is there some intangible — like market confidence and herd behavior — at work here?

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