The major averages closed out mixed to end the day but eked out a gain on the week thanks to tame inflation data. The Dow Jones Industrial Average closed down 118 points due to weakness in Boeing, JP Morgan Chase and UnitedHealth Group. The S&P 500 inched up 3 points while the Nasdaq Composite rose 2 points.

The earnings season has started with the big banks. Bank of America and Wells Fargo were lower following mixed results. Citigroup and JP Morgan opened higher on earnings, but only Citigroup finished in the green. JP Morgan hit an all-time high before selling off. Outside the banking sector, UnitedHealth Group fell 3% while Delta dropped 8% on missed earnings and lower guidance.

The inflation data this morning was encouraging. Wholesale prices unexpectedly declined by 0.1% in December. The data follows the more widely followed consumer prices data Thursday, which came in modestly hotter than economists had forecasted, with prices up 0.3% on the month and 3.4% from a year ago. Interest rates ticked modestly lower with growing expectations of a rate cut coming as soon as March.

On the week, the major averages notched modest gains. The Dow added 0.34%, while the S&P 500 advanced 1.84%. The Nasdaq performed well up 3%.