People walk by the New York Stock Exchange, left, Tuesday, July 21, 2020. Stocks are drifting again on Wall Street Friday, Aug. 21, following a mixed set of data on the economy, as a record-breaking but wishy-washy week of trading closes out. (AP Photo/Mark Lennihan)
By Stan Choe and Alex Veiga
Updated 4:54 pm ET
Tech has remained remarkably resilient through the pandemic and continued to churn out big profits as work-from-home and other tech-friendly trends accelerate. Apple, which this week became the first U.S. company to have a market value of more than $2 trillion, rose 5.2 percent.
Big tech stocks, which generally have strong balance sheets and deliver strong growth, will likely continue to be attractive to investors as long as there are questions about economic growth, said Krosby.
"One of the most important factors in this market and for the broadening of the market in order to include those names that have not participated is: You want to see the unemployment landscape heal, and you want to see those initial unemployment claims come down," she said. "That's a major focus for analysts because we're a consumer-led economy. People need jobs in order to consume."
Deere was another big winner after it reported profit for the latest quarter that was double what Wall Street expected. Its shares rose 4.4 percent.
The Federal Reserve is continuing to prop up markets and the economy by keeping interest rates at nearly zero and buying reams of bonds. But stimulus from Congress has lapsed, and Democrats and Republicans on Capitol Hill continue to haggle.
Investors say the economy and markets need another round of big support from Congress for the recovery to continue.
"Ultimately, it will take some combination of bad data, bad markets and good politics to break the impasse," economist Ethan Harris wrote in a BofA Global Research report. "Meanwhile, every passing week without meaningful legislation lengthens the mini-recession. This is not the kind of August break this economy needs."
Beyond Capitol Hill, investors are also waiting for the latest developments in the rising tensions between the world's two largest economies.
China's Commerce Ministry on Thursday said that Chinese and U.S. trade envoys will hold a meeting by phone "in the near future" to discuss an agreement aimed at resolving their tariff war. No details on timing were given.
The yield on the 10-year Treasury dipped to 0.63 percent from 0.64 percent late Thursday.
In European stock markets, Germany's DAX slipped 0.5 percent. France's CAC 40 fell 0.3 percent, while the FTSE 100 in London lost 0.2 percent.
Earlier, Asian markets closed higher. Japan's Nikkei 225 gained 0.2 percent, South Korea's Kospi rose 1.3 percent and Hong Kong's Hang Seng added 1.3 percent.
Benchmark U.S. crude oil fell 48 cents to settle at $42.34 per barrel. Brent crude, the international standard, lost 55 cents to $44.35 per barrel.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
