Updated from 12:27 p.m.
Stocks held mixed on Friday afternoon as a selloff in crude oil tanked the energy sector.
The Dow Jones Industrial Average fell 0.01%, the S&P 500 slid 0.35%, and the Nasdaq climbed 0.2%.
Crude oil prices held sharply lower on Friday after a weekly increase in drilling activity in the U.S. The number of active oil-drilling rigs in the U.S. over the past week rose by two to 452, according to Baker Hughes data.
Prices were already under pressure after major oil producers showed production at record highs. The Organization of Petroleum Exporting Countries, a major oil-producing bloc, reported an increase in October output to 33.64 million barrels a day. Production rose by 240,000 barrels per day from a month earlier. The increase exacerbates problems for an already oversupplied oil market which has struggled with low prices and weaker demand. OPEC is scheduled to meet later this month in what traders hope could result in a production freeze agreement.
West Texas Intermediate crude oil was down 2.8% to $43.44 a barrel on Friday.
The energy sector was the worst performer in the markets Friday. Major oil producers including Exxon Mobil (XOM) , Chevron (CVX) , Royal Dutch Shell (RDS.A) and BP (BP) moved sharply lower, while the Energy Select Sector SPDR ETF (XLE) fell 1.9%.
Banking stocks had lifted the Dow to new records as investors bet on reduced regulatory hurdles under a Donald Trump Administration. Financials including JPMorgan Chase (JPM) and Action Alerts PLUS holdings Citigroup (C) and Wells Fargo (WFC) rallied over the past few days, but were pulling back on Friday. Banks' business operations were closed on Friday in honor of Veterans' Day, though trading remained open as normal.