Stocks end mixed, stop win streak of S&P 500

Stocks ended a wobbly day with mixed results, ending a six-day winning streak for the S&P 500.

The major U.S. stock indexes capped a listless day of trading Tuesday with an uneven finish that snapped a six-day winning streak for the S&P 500 even as the Nasdaq set another all-time high.

A late fade pulled the S&P 500 down 0.1%, just below its record high set a day earlier. The benchmark index closed with a nearly even split between gainers and losers. A mix of companies that deal with consumer services and products were the biggest drag on the broader market, outweighing gains in communications, industrial and health care stocks.

A slight pullback after six straight days of gains is not uncommon, as investors pause during a rally to reassess and wait for more economic data to see where the market goes next.

Investors continued to monitor the action in Washington, where it appears Democrats plan to move ahead without Republican help on a major stimulus bill for the economy.

“It seems like fiscal stimulus will pass through reconciliation and the result will be one that is larger than was thought probably two or three weeks ago,” said Keith Buchanan, senior portfolio manager at Globalt Investments.

The S&P 500 index slipped 4.36 points to 3,911.23. The Dow Jones Industrial Average dropped 9.93 points, or less than 0.1%, to 31,375.83. The Nasdaq rose 20.06 points, or 0.1%, to 14,007.70, its fourth straight gain. The Russell 2000 index of small company stocks rose 9.24 points, or 0.4%, to 2,299. The four indexes set alltime highs on Monday.

Stocks have been moving steadily higher for several days as Wall Street becomes more optimistic that the worst parts of the economic impact of the coronavirus pandemic might be in the rearview mirror. Vaccine rollouts continue both in the U.S. and globally, with the U.S. administrating hundreds of thousands of doses per day.

“The vaccinations have outpaced the virus and that becomes part of what’s playing into the optimism in the market,” Buchanan said. “It makes for an environment where it’s getting back to some sense of normality.”

Washington is preparing to go big for its next round of economic stimulus to support struggling Americans and businesses. Democrats have rallied around President Joe Biden’s $1.9 trillion stimulus plan, which will include onetime payments to Americans plus a likely increase in the federal minimum wage to $15 an hour.

Expectations for another financial boost for the economy have helped keep investors in a buying mood.

The market’s strong start to February and the strength in shares of companies that rely on consumer spending “is an indicator of the optimism creeping higher and the assumption that consumers in the U.S. will get a larger check perhaps than we thought three or four weeks ago,” Buchanan said.

Several companies made big moves after reporting their latest quarterly results Tuesday. Hanesbrands soared 24.9% for the biggest gain in the S&P 500 after reporting earnings that came in well ahead of what analysts were expecting.

Mobile games developer Glu Mobile vaulted 34.9% after it agreed to be acquired by Electronic

Arts in a deal valued at $2.1 billion. Shares in Electronic Arts, maker of “Medal of Honor” and other video games, rose 2.6%.

Shares of GameStop and AMC Entertainment continue to be volatile, as online investors remain in a tug-of-war with Wall Street institutional investors over the struggling companies’ values. GameStop shares fell 16.1% and AMC lost 11%.

Traders in cryptocurrencies continued to push up the price of bitcoin. It rose 7.3% to $47,184, according to the tracking site CoinDesk. Bitcoin futures on the Chicago Mercantile Exchange climbed 6.6% to $47,700. The futures allow investors to make bets on the future price of the digital currency.

Treasury yields were mostly higher. The yield on the 10-year Treasury note rose to 1.16% from 1.14% late Monday.

DEAR AMY » What is the etiquette for Zoom-based celebrations?

I have attended several bridal and baby showers on Zoom that have guest lists of over

100 people, combining family from both sides, co-workers, college friends, neighbors, etc.

At the latest there were six screens of “Gallery View” faces to scroll through, guests were speaking on top of one another, and it was hard to hear what the mother-tobe was saying.

I was later reminded of where the parents-to-be were registered (I had sent an e-gift card, per their request, but now wonder if it made it), and learned that an in-person shower was held following the Zoom celebration.

I appreciate the Zoom option, but are these Zoom-based super-showers just a cash-grab?

In pre-pandemic days, my friend might have had several smaller showers with more opportunity for conversation, and the “ooohs” and “aaahs” as tiny baby items are unwrapped.

I’m becoming resentful of these chaotic digital gatherings. Especially ones that remind me to send an e-gift card!

A friend attended a virtual wedding shower where the hostess mailed out games to each attendee in advance. It had a comfortable feel to it, with roughly 20 guests. That sounds lovely.

Could you offer some digital party etiquette and ideas?

— Curmudgeon in California

DEAR CURMUDGEON » First, a comment about “super-showers.” I’ve only attended one of these, held in a hotel ballroom. Guests left their (unwrapped) gift on a banquet table and picked up their pre-printed thank you card on the way out.

This was a far cry from my only other experiences: A few women gathered in someone’s living room — eating cake, and “oohing and ahhing” over what felt like a joyful and intimate initiation.

A Zoom super-shower should involve thoughtful planning and implementation. There should be one or two hosts who run or “emcee” the party. Guests should be notified of parameters beforehand. They could be asked to post their own baby pictures as avatars, share a piece of mothering advice, or be asked to hold up a picture of their favorite item from their own (or their kids’) babyhood.

The mom-to-be could be prompted to do an oncamera Q&A where she asks guests her most burning questions. The host unmutes those who want to answer; guests should also use the “chat” function to communicate.

The guest-of-honor’s relatives should be introduced and prompted to speak.

The event should end with a group “toast” (unmuted) to the honored parents.

No, a Zoom supershower should NOT feel like a Friday night on QVC. Guests should NOT be prompted during the shower to send gifts.

The host could send out a “thank you” email the following day, but every single guest should also be personally and specifically thanked afterward, by postal mail, with their specific gift acknowledged.

DEAR AMY » A friend moved up her wedding date, because of the COVID-19 pandemic.

She and her fiancé held their wedding ceremony with only a few people in attendance.

After receiving a

“change-the-date” announcement explaining why we were no longer invited to the wedding, I sent the couple a generous gift.

She is now going to have a reception later in the year.

If invited, should I bring another gift?

— Re-Invited

DEAR RE-INVITED » The pandemic has created so many personal, social, and relationship challenges, and has now brought on a new phenomenon >> The “change-the-date” notice.

I’m sure this has been hard on the couple, as well as their guests. I hope they express appreciation for your flexibility, as well as a genuine and personal “thank you” for the wedding gift. It is not necessary for you to give the couple another wedding gift when their reception rolls around.

DEAR AMY » In a world full of human suffering, I have two female friends (both religious) and a husband (all over 70), who seem to be incapable of showing compassion toward the plight of immigrants, the homeless, or the overwhelming stress felt by our health-care workers (for example). These people are all financially secure.

Is compassion a choice or are there people whose brain is wired such that it renders them incapable of feeling or displaying compassion? I try not to be judgmental and I do not engage conversation when remarks are made. I just want to understand them.

— Irene

DEAR IRENE » I believe that compassion is a choice. It can be learned, but it helps to understand that it can be frightening to open your heart to others, because to understand suffering is to get in touch with your own vulnerability.