The Dow 30 include huge oil producers Chevron and Exxon Mobil, and other behemoths whose earnings aren't affected by oil prices (e.g. Merck, Pfizer). So, rising oil prices don't necessarily hurt the Dow as much as they hurt the rest of the American economy.
Meanwhile, ZIRP gives free $ to TBTF banks, which increases indirectly the supply of capital available to "invest" in stocks, and QE leaves such "investors" with few choices outside stocks and real estate.
Oil was less than $10/bbl in the 1990s, before SUVs (conspicuous waste) became popular. The fact that it's 10x higher now is a major reason why other industries have cut back on production (e.g. airlines reducing capacity) and the economy is struggling. I don't know if the latest move might be related to current events in Venezuela. Another issue with the oil price is, it can be affected by speculation, and as people fear inflation they pile into commodity ETFs that bid up the price of oil futures, thus making the fear of inflation a self-fulfilling prophecy.
Let's see the DOW sustain on the back of Exxon, while every other industry sector is at a grinding halt. I say this every time, and every time, OIL continues to rise, then the stocks slide about 500 to 1000 points before OIL begins to retreat.
I feel like I'm watching a bad foreign movie. And not the new high quality production ones with popular international stars, but the foreign cheesy Noir movies, from the 70's, where as an American child you could tell it really sucks to live anywhere but in America. It even sucked to watch the characters in the movie. That's the foreign Movie I feel like we're stuck in.
We're all hairy and smell of cheap wine and cheese, and drive a car smaller than a broom closet.