Wall Street slips as oil prices climb

Rising oil prices dampened sentiment on Wall Street, pulling major indices down. The Dow Jones Industrial Average fell 1.2 percent, while the S&P 500 and Nasdaq composite dropped 0.5 and 0.2 percent, respectively. Several bank stocks declined, with JP Morgan and Citigroup each falling 1.5 percent. American Express slid 3.7 percent despite a strong quarterly report, as the company announced major job cuts. Brent crude oil traded around 117 dollars per barrel, up about 3.5 percent on the day. Oil companies gained on higher prices, with Chevron rising 2.9 percent and ConocoPhillips 3.6 percent. For the week, the Dow gained 0.4 percent, while the S&P 500 and Nasdaq fell 0.5 and 0.7 percent, respectively.