S&P 500 extends winning streak to five days as stocks shrug off trade tensions

U.S. stocks ended essentially unchanged on Friday, though slight gains were enough to give the S&P 500 its fifth straight positive session, while all three major indexes posted solid weekly gains.

Indexes moved between slightly positive and modestly negative territory throughout the session, following a report that President Donald Trump still wants to impose tariffs on $200 billion of Chinese goods, the latest sign that the trade jitters will continue to hang over financial markets. While stocks initially sold off on the news, they subsequently rebounded, in keeping with their recent pattern.

Where did the major benchmarks close?

The Dow Jones Industrial Average DJIA, +0.03% rose 8.68 points to 26,154.67 while S&P 500 index SPX, +0.03% eked out a gain of 0.8 point to finish at 2,904.98. Both rose less than 0.1%. The Nasdaq Composite Index COMP, -0.05% shed 3.67 points to 8,010.04, a decline of less than 0.1%.

Read: A Hindenburg Omen is forming in the stock market. Should investors ignore it?

At current levels, the S&P is 0.4% below its record close set in late August, while both the Dow and the Nasdaq are within 2% of their all-time highs.

For the week, the Dow rose 0.9%, its fourth positive week of the past five. The gains have taken it to its highest level since late January. The S&P 500 rose 1.2%, its ninth positive week of the past 11. The Nasdaq posted a gain of 1.4% for the week, its third positive week of the past four.

The Cboe Volatility Index VIX, -2.43%  was on track to fall nearly 19% over the course of the week, its biggest weekly drop since April.

What’s driving markets?

Bloomberg reported that Trump had instructed aides to proceed with $200 billion in tariffs against Chinese products.

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