Major U.S. stock indexes edged mostly higher in afternoon trading Friday, on track to extend gains from a day earlier when the market climbed to all-time highs. Gains in health care and industrial companies outweighed losses in banks and technology stocks. Energy companies rose along with the price of U.S. crude oil.
KEEPING SCORE: The S&P 500 index rose 2 points, or 0.1 percent, to 2,932 as of 1:55 p.m. Eastern Time. The Dow Jones Industrial Average gained 76 points, or 0.3 percent, to 26,733. The Nasdaq composite lost 18 points, or 0.2 percent, to 8,009. The Russell 2000 index of smaller companies gave up 3 points, or 0.2 percent, to 1,716. The Dow and S&P 500 each hit all-time highs Thursday.
TRADE TIGHTROPE: The trade dispute between the U.S. and China is set to escalate Monday. That’s’ when an additional 10 percent tax on $200 billion of Chinese imports kicks in. The tariffs will rise to 25 percent on Jan 1. Beijing has said it would retaliate by imposing tariffs of 5 or 10 percent on $60 billion of U.S. goods including coffee, honey and industrial chemicals.
Some U.S. companies are already bracing for the fallout from the latest round of tariffs. Chipmaker Micron Technology said Friday its profits would be hurt by the tariffs on Chinese imports that go into effect next week. Shares in the company slid 3.7 percent to $44.34.
Still, investors were taking the potential negative impact of the trade dispute in stride this week, taking comfort from the latest signs that the economy is on solid ground and driving the market higher.
THE QUOTE: “Finally the market has shrugged off all the trade war fears,” said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. “The robustness of the economy just won’t be put