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New York - Energy-related stocks were hammered on Friday, leaving US stocks mostly flat in a holiday-shortened session, after Opec decided not to cut production in response to lower crude prices.
The Dow Jones Industrial Average closed up 0.49 point, barely creeping to a new record high at 17 828.24.
The broad-based S&P 500 slid 5.27 points to 2 067.56, while the tech-rich Nasdaq Composite Index edged up 4.31 points to 4 791.63.
The markets, which were closed on Thursday for the Thanksgiving Day holiday, shuttered three hours early at 20:00.
US oil prices dropped to a new four-year low after the Organisation of the Petroleum Exporting Countries decided to maintain the status quo on output despite a decline in oil prices of more than 35% since June.
Dow members ExxonMobil and Chevron lost 4.2% and 5.4%, respectively. Oil services titan Halliburton plummeted 10.9%, while independent producer Continental Resources tanked 19.9%.
The weakness rippled into the industrial sector, with Dow member Caterpillar losing 4.9%.
But the oil price drop had an upside, as airline stocks gained on expectations that lower fuel costs would boost profits. United Continental soared 8.2%, American Airlines jumped 7.9% and Delta Air Lines gained 5.5%.
Leading retailers also were lifted as the kickoff of the annual holiday shopping season coincided with an Opec decision that many analysts see as a boost to consumers' disposable income.
Dow member Wal-Mart Stores bolted 3.0% higher, Target added 2.6%, Macy's gained 2.2% and Best Buy rose 1.7%.
Bond prices rose. The yield on the 10-year US Treasury dipped to 2.19% from 2.23% on Wednesday, while the 30-year fell to 2.91% from 2.94%. Bond prices and yields move inversely.
