US stocks have closed out a holiday-shortened week mostly lower as outgoing Federal Reserve Chairman Ben Bernanke called for continued efforts to cement the economic recovery.

At the closing bell, the Dow Jones Industrial Average rose 27.30 (0.17 per cent) to 16,468.65.

The broad-based S&P 500 slipped 0.69 (0.04 per cent) to 4,131.91, while the tech-rich Nasdaq Composite Index declined 11.16 (0.27 per cent) to 4,131.91.

Trading volume was low with many people still on holiday for the New Year and a major snowstorm buffeting the Northeast.

Stocks rose shortly after Bernanke said in a speech at a conference of economists that policy makers should aim to boost hiring and spur the economy. But markets quickly gave up those gains, with little other news to stimulate trade.