S&P 500 down on oil rout, but on track for six-week rally

U.S. stocks were little changed on Friday, with major indexes on track for a sixth straight weekly advance in a holiday-shortened session, though energy shares saw heavy pressure ascrude oil tumbled to a four-year low.

While major indexes saw slight moves - with both the Dow andNasdaq edging higher and the S&P 500 slightly down - there was volatility in areas of the market connected to the price of oil CLc1. Crude plunged 5.9 percent to $69.38 per barrel a day after OPEC decided not to cut output, which could leave marketsoversupplied.

The decline was the biggest one-day drop since September 2011, with prices lowest since 2010.

"Crude seems to have no floor right now, and we could easily see the price drop into the low $60s," said Tony Roth, chief investment officer at Wilmington Trust in Wilmington, Delaware.

The Energy Select Sector SPDR exchange-traded fund (XLE.P) fell 5.8 percent to $80.36. Exxon Mobil Corp (XOM.N) lost 3.5 percent to $91.20 while Chevron Corp (CVX.N) fell 3.4 percent to $111.21; both are Dowcomponents.

Weakness in oil boosted other sectors, including airlines, which are inversely correlated to oil prices given fuel costs. Southwest Airlines (LUV.N) rose 7.1 percent to $42.05 as the S&P 500's biggest percentage gainer, followed by Delta Air Lines (DAL.N), up 5.9 percent to $46.85.

Retailers also rallied, as lower gas prices could increase consumer spending as the holiday shopping season ramps up. Wal-Mart Stores Inc (WMT.N) rose 2.9 percent to $87.47 while the S&P 500 Retailing index .SPXRT was up 1.5 percent.

"[Oil] this low should be very additive to economic activity, not just with gas prices but across the economy," said Roth, who oversees $80 billion in assets. "Early holiday shopping numbers should come in pretty strong."

At 9:52 a.m. (1452 GMT) the Dow Jones industrial average .DJI rose 33.24 points, or 0.19 percent, to 17,860.99, the S&P 500 .SPX lost 3.14 points, or 0.15 percent, to 2,069.69 and the Nasdaq Composite .IXIC added 4.23 points, or 0.09 percent, to 4,791.55.

Major indexes are on track for their sixth straight weekly advance, the S&P's longest streak since November 2013. For the week, the Dow and S&P are up 0.3 percent and the Nasdaq, which counts few energy names among its major components, is up 1.7 percent.

Declining issues outnumbered advancing ones on the NYSE 1,529 to 1,230, for a 1.24-to-1 ratio; on the Nasdaq, 1,292 issues fell and 1,005 advanced, for a 1.29-to-1 ratio.

The S&P 500 was posting 114 new 52-week highs and 18 new lows; the Nasdaq Composite was recording 112 new highs and 39 new lows.