Wall Street closes mixed as oil falls, banks gain

By Ovunc Kutlu

NEW YORK (AA) - Wall Street closed mixed on Friday as decline in oil prices was balanced with gains in banks' shares.

The Dow fell five points to end the last trading day of the week at 19,885, while the S&P 500 rose four points to 2,274.

The Nasdaq added 26 points to finish at 5,574 -- a new all-time closing record high level.

This week, the Dow and the S&P 500 posted 0.4 percent and 0.1 percent losses, respectfully. The Nasdaq, however, had a weekly gain of 1 percent.

Crude prices were down around 1 percent.

At the final bell, American benchmark West Texas Intermediate was trading at $52.50 per barrel with a 1 percent loss. International benchmark Brent crude was at $55.56 a barrel -- a 0.8 percent decline.

The 2016 fourth quarter earnings season kicked off Friday, and banking giants JP Morgan Chase, Bank of America, and Wells Fargo earnings beat market expectations.

JP Morgan Chase and Bank of America saw their shares rising by 0.5 percent and 0.3 percent at the closing, while Wells Fargo stock price was up 1.5 percent.

Wall Street will be closed on Monday, Jan. 16, in observance of Martin Luther King Jr. Day as a federal holiday.

Social rights activist leader King was born on Jan. 15, 1929, but it is observed on the third Monday of January every year.