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.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
