Stocks downshifted on Tuesday, a day after their powerful worldwide rally, but optimism remained high that the global economy may still be headed for a return to normal.
It was the second straight day that rising hopes for a COVID-19 vaccine pushed investors to reorder which stocks they see winning and losing. The continuing revamp left the majority of U.S. stocks higher but indexes mixed. The S&P 500 dipped 0.1%, while the Nasdaq fell 1.4% on weakness for Big Tech stocks.
Treasury yields and oil, meanwhile, held onto their big gains from a day earlier or added some more amid increased confidence in the economy.
On Tuesday:
The S&P 500 dipped 4.97 points, or 0.1%, to 3,545.53.
The Dow Jones Industrial Average gained 262.95 points, or 0.9%, to 29,420.92.
The Nasdaq composite dropped 159.93, or 1.4%, to 11,553.86.
The Russell 2000 small-cap index gained 31.97, or 1.9%, to 1,737.01
For the week:
The S&P 500 is up 36.09 points, or 1%.
The Dow is up 1,097.52 points, or 3.9%.
The Nasdaq is down 341.37 points, or 2.9%.
The Russell 2000 is up 92.85 points, or 5.6%.
For the year:
The S&P 500 is up 314.75 points, or 9.7%.
The Dow is up 882.48 points, or 3.1%.
The Nasdaq is up 2,581.25 points, or 28.8%.
The Russell 2000 is up 68.54 points, or 4.1%.