The major averages closed mixed to end the week as earnings season started with the banking sector. The Dow Jones Industrial Average rose 39 points thanks in part to earnings from JP Morgan and the other big banks. The S&P 500 declined 21 points or 0.5% while the Nasdaq fell 166 points or 1.23%.

The markets started to the upside as a slew of banks like JPMorgan Chase, Wells Fargo and Citigroup all reported positive results. HMO, UnitedHealth Group also lent support to the Dow with better-than-expected earnings.

However, a number of things worked against the markets today including a disappointing consumer sentiment number. Bond yields actually retreated on this news. The S&P 500 moved lower through the day as oil spiked more than 6% on fears that the Israel-Hamas war could escalate geopolitical tensions in the Middle East. Gold had its best day of the year up 11%.

On a weekly basis, the S&P 500 and Dow notched gains. The S&P 500 climbed 0.45% to mark its second positive week, while the Dow advanced 0.79%. The Nasdaq was down 0.18%.