Closing Bell: Oil Closes at 2003 Low; Wynn Up on Vegas Forecasts

U.S. stocks closed at their worst level in five months as markets closed out their second week of the year with severe losses. Crude oil closed at its lowest level since November 2003. Oil fell 11 percent since the beginning of the week, pushing major energy names sharply lower. Major oilers BP (BP) and Royal Dutch Shell (RDS.A) closed Friday with losses of around 5 percent. Wynn Resorts (WYNN) was one of the few stocks in the green after preliminary fourth-quarter results pleased investors. The casino operator said quarterly revenue in major gambling destination Las Vegas will likely climb around 3 percent from a year earlier. Walmart (WMT) has given up on its smaller-format Walmart Express stores. TheStreet's Keris Lahiff reports from Wall Street.