The oil behemoth will keep paying dividends—worth about $18 billion a quarter—despite weak energy prices.
Defensive sectors were among the gainers. Value names also advanced. The S&P; 500 value index rose, while the S&P; 500 growth index fell.
President Donald Trump was set to hold a news conference on Saturday at 3:30 p.m. Eastern Time at his golf club in Bedminster, N.J., following a week of failed talks to hash out a deal to provide additional stimulus to out-of-work Americans. The planned event comes after the president held a surprise news conference at the golf club on Friday noting that he was contemplating signing a raft of executive orders that would place a moratorium on evictions, expand some unemployment benefits, defer student loan payments and defer payroll taxes for the rest of 2020. Those executive orders, however, fall short of what Congress can enact to help millions who have been economically hurt by business closures due to the novel strain of coronavirus from which COVID-19 is derived.On Friday, Democratic congressional leaders and Trump administration negotiators emerged from last-ditch coronavirus aid bargaining meetings empty-handed. Disagreement centered on the enhanced federal jobless benefits, $600 weekly add-on payments to the unemployed that lapsed in July, and how much to give to states. It's unclear what Trump's executive orders, should he decide to take that tacked, would do to negotiations between parties going forward. Friday served as a self-imposed deadline for a deal to be achieved before Congress goes into a summer recess. If lawmakers do not return to Washington later in August, the next likely window for negotiations is either September, when they will be focused on passing a temporary spending bill to keep the government open past Sept. 30, or after the Nov. 3 election. Investors have been keenly watching negotiations, with U.S. benchmarks trading as if a deal of some kind will be struck. The Dow Jones Industrial Average ended Friday trade with weekly gain of 3.8%, the S&P 500 index booked a weekly gain of 2.5%, while the technology-heavy Nasdaq Composite Index also notched a roughly 2.5% gain for the five-session period.