Wall Street closes mixed as tech falls, oil soars

NEW YORK (AA) - Wall Street closed mixed Wednesday as the decline in stock prices of tech companies was balanced with a rise in oil prices.

The Dow added two points to close at 19,123. The S&P 500, however, fell five points to 2,198. And the Nasdaq decreased by a massive 56 points, or more than 1 percent, to end the day at 5,323.

American telecommunication giants Verizon and AT&T each saw their shares fall by 2.1 percent.

U.S. oil companies' shares, on the other hand, soared with the rise in oil prices after OPEC announced it would trim its daily production by 1.2 million barrels.

The stock price of Marathon Oil jumped 20 percent, while Transocean shares increased 17 percent.

OPEC's first intervention in the global oil market since mid-2014 pushed crude prices up more than 8 percent Wednesday.

At the final bell, American benchmark West Texas Intermediate was trading at $49.11 a barrel – a 8.3 percent increase, and international benchmark Brent crude was at $51.51 a barrel -- a 8.8 percent gain.