Falling commodity prices, including oil are a mixed blessing for the market. Among the winners are energy consumers meaning all businesses and individuals. Lower electricity, heating and transportation costs translate right to the bottom line of every consumer, for the better. Though this seems to be a positive outcome of lower energy prices, many are stung by dramatic shift (almost 40%) lower. Among them oil producing countries and businesses servicing the energy sector. Canada, Mexico, Russia, South America, Middle Eastern and Russian oil exporters all feel the pinch and have suffered a two fold hit with falling currency values and lower dollar income from oil exports. As these players lose buying power, so do they weaken their import demand, decreasing overall trade and output.
An increasing US dollar value coupled with a rising stock market could further perpetuate valuations adding to the likelihood of eventual market volatility when (not if, I would argue) the market takes a downturn.