NEW YORK (TheStreet) -- Stocks closed the session higher on Friday, snapping a five-day losing streak as oil prices rebounded and consumer sentiment jumped. Stocks rose despite the reverberations still being felt by Switzerland's surprise decision a day earlier to abandon its currency cap.

On Friday, the S&P 500 rose 1.36%, the Dow Jones Industrial Average rose 1.1%, and the Nasdaq rose 1.39%.

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Crude oil prices rose Friday with West Texas Intermediate crude ending the session up 4.5% to $48.32 a barrel. Prices remain down around 60% since a mid-summer peak last year. Since then, the commodity has been in freefall. The International Energy Agency said Friday that the market could fall further before it recovered. Still, there were already signs that lower prices meant production was being curbed in some areas, including North America.

Oil companies moved higher on Friday. Shares of Exxon Mobil (XOM) - Get Report , Chevron (CVX) - Get Report , Royal Dutch Shell (RDS.A) and BP (BP) - Get Report all saw gains during the trading session, with BP also getting a spike after the U.S. government capped its maximum fine for the 2010 Gulf of Mexico oil spill to $13.7 billion. Shares of Schlumberger (SLB) - Get Report surged 6.1% to $81.33 after it said late Thursday that it cut 9,000 positions from its work force.

U.S. consumer prices for December fell 0.4%, as expected, following a 0.3% decrease a month earlier. December's CPI figure was the biggest drop since December 2008, following the plunge in gasoline prices. Core CPI, which excludes gas and food, was unchanged at 0.1%. For the year, consumer prices rose 0.8%.

Industrial production figures for December declined 0.1%, in line with estimates. The preliminary reading for the University of Michigan Consumer Sentiment for January jumped to 98.2, the highest reading in nearly eight years, up from a final December reading of 93.6.

European markets closed higher after trading mixed earlier in the session.

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In corporate news, Goldman Sachs (GS) - Get Report shares slipped 0.64% to $177.34 after the investment bank giant said reported lower fourth-quarter earnings and revenue. Goldman reported fourth-quarter net income of $2.17 billion, or $4.38 a share, beating expectations of $4.32 a share, but down from the $4.60 a share it reported in the year-earlier quarter.

Revenue of $7.69 billion came in slightly ahead of expectations of $7.64 billion for the three months ended Dec. 31, yet down from last year's quarterly revenue of $8.38 billion. Goldman said revenue from investment banking revenue tumbled 16% in the quarter to $1.44 billion.

Shares of the currency brokers took a hit on Friday as a result of the news from Switzerland. FXCM (FXCM) plummeted 45% to $6.97 before being halted. FXCM inked a deal Friday afternoon with Leucadia (LUK) to provide $300 million in financing so that the broker could continue normal operations.

FXCM, an online provider of forex trading, said Thursday due to the "unprecedented volatility in EUR/CHF pair" following the Swiss National Bank's announcement its clients experienced "significant" losses. Clients owed FXCM approximately $225 million, and as a result, the company "may be in breach of some regulatory capital requirements."

Interactive Brokers (IBKR) - Get Report slid 0.74% to $28.06 on Friday. The broker also said that "due to the sudden move in the value of the Swiss Franc" on Thursday, several customers "suffered losses in excess of their deposit with us." Interactive Brokers said the debit was approximately $120 million, or less than 2.5% of its net worth.

Elsewhere, Activision Blizzard (ATVI) - Get Report surged 9.1% to $20.18 after the company announced its had the top-selling console video game of 2014 with Call of Duty: Advanced Warfare and the top-selling kids video game in the world with Skylanders Trap Team.

Finally, Intel (INTC) - Get Report shares rose 0.58% to $36.40 Friday afternoon. The chipmaker's fourth-quarter earnings beat expectations, thanks to strong results from its Data Center Group, but first-quarter guidance was below estimates.

Looking ahead to next week, the markets will be closed on Monday for the Martin Luther King holiday.

The economic calendar will focus on the housing market throughout the week, starting with Wednesday's release of housing starts and building permits data. Economists expect housing starts to tick up to 1.035 million in December from 1.03 million a month earlier.

Weekly initial claims at the regular time Thursday morning, plus new PMI Manufacturing Index Flash data and a status update on petroleum inventories in the U.S. from the Energy Information Administration.

Existing home sales will be released mid-morning on Friday. Consensus is for sales to increase to 5.04 million over December, up from 4.93 million in November.

Earnings season kicks into high gear next week with Morgan Stanley (MS) - Get Report , Netflix (NFLX) - Get Report and IBM (IBM) - Get Report on Tuesday. American Express (AXP) - Get Report , eBay (EBAY) - Get Report and SanDisk (SNDK) report Wednesday afternoon. Southwest Airlines (LUV) - Get Report will report Thursday morning and Starbucks (SBUX) - Get Report is slated for the evening, while General Electric (GE) - Get Report , Honeywell (HON) - Get Report and McDonald's (MCD) - Get Report all report on Friday.

- Written by Laurie Kulikowski in New York.

Follow @LKulikowski