US Trade Deficit was higher than expected in December. Oil or non-oil, it does not matter:
U.S. ran a record trade deficit with China for 2014 as a whole ($343 billion, up nearly 8 percent from the previous record in 2013) and a record deficit in manufactured goods with the world as a whole ($734 billion, up 13 percent from the 2013 record). [Link]
The answer for this was not exactly the strong dollar or weak overseas growth that does not attract American exports. What does America make cheaply and/or competitively now? Another data point released on the same day had the answer: Nonfarm productivity declined, in contrast to expectations for a small rise, in the fourth quarter.
What did US stocks do? They rallied more than a per cent.