SYDNEY, AAP – Australia’s share market closed lower but provided gains for the week, following investor enthusiasm for US President Joe Biden’s economic stimulus plan.

The S&P/ASX200 benchmark index closed lower by 23.3 points, or 0.34 per cent, to 6800.4 on Friday.

The All Ordinaries closed lower by 28.2 points, or 0.4 per cent, at 7078.9.

For the week, the ASX200 closed higher by 1.27 per cent.

Investors welcomed the swearing in of the new US president on Thursday, who has promised a $US1.9 ($A2.5) trillion economic stimulus plan to ease the economy out of recession.

US Congress must still approve the plan.

The Aussie dollar was buying 77.43 US cents at 1615 AEDT, lower from 77.73 US cents at Thursday’s close.