Stocks clung to modest gains on Wall Street Friday, giving the market another record high and a winning week.
The listless day for stocks capped off a mostly solid week of earnings where the technology sector once again powered the market higher. The S&P 500 index rose 1.77 points, or less than 0.1%, to 5,088.80. That marks another record high for the benchmark index and its sixth winning week in the last seven.
Dow Jones Industrial Average rose 62.42 points, or 0.2%, to 39,131.53. The Nasdaq slipped 44.80 points, or 0.3%, to 15,996.82.
Weakness in some technology companies weighed down the market, in a reversal from Thursday. Apple fell 1%. Nvidia eked out a 0.4% gain, after crossing above the $2 trillion valuation mark earlier in the day. On Thursday, the chipmaker surged after reporting blockbuster demand for its semiconductors, which are used to power AI applications.
Duty-free move eyed to thwart China
Two U.S. senators looking to crack down on the number of packages from China that enter the country duty-free are calling on President Biden to take executive action, saying U.S. manufacturers can’t compete with low-cost competitors they say rely on forced labor and state subsidies in key sectors.
U.S. trade law allows packages bound for American consumers and valued below a certain threshold to enter tariff-free. That threshold, under a category known as “de minimis,” stands at $800 per person, per day.