S&P 500 closes at new record highs

Technology companies led a late-afternoon rally on Wall Street that capped a week of wobbly trading.

Technology companies led a late-afternoon rally on Wall Street Friday that capped a week of wobbly trading with the major stock indexes hitting all-time highs.

The S&P 500 rose 0.5% after spending most of the day wavering between small gains and losses. The gain nudged the benchmark index to a record high for the second day in a row.

The tech-heavy Nasdaq composite and the Dow Jones Industrial Average also set new highs.

More companies reported solid earnings, including manufacturer Mohawk Industries and genetic testing company Illumina. Bond yields rose, giving banks a boost.

Bumble shares continued to climb after the company made a big splash in its stock market debut the day before.

Optimism that Washington will come through on trillions of dollars of more aid for the economy and encouraging company earnings reports have helped stocks grind higher this month, along with hopes that the coronavirus vaccine rollout will set the stage for stronger economic growth in the second half of this year.

“The one thing that continues to be supportive for the market is just the fact that the risk-reward in the U.S. equity market still seems to be the best game in town,” said J.J. Kinahan, chief strategist with TD Ameritrade.

The S&P 500 rose 18.45 points to 3,934.83, while the Dow gained 27.70 points, or 0.1% to 31,458.40. The Nasdaq added 69.70 points, or 0.5%, to 14,095.47.

Traders also bid up shares in smaller companies. The Russell 2000 index rose 4.04 points, or 0.2%, to 2,289.36.

Despite a week of mostly minor gains and losses for the broader market, the S&P 500 notched its second straight weekly gain.

Investors are hoping for a new round of U.S. government aid as the economic recovery falters.

The latest U.S. government report on jobless claims reaffirmed that employment remains a weak spot in the economy, even as vaccine distribution ramps up in the hopes of eventually ending the pandemic.

The University of Michigan survey of consumer sentiment came in well below expectations as well, a sign that consumers are wary to spend in the face of economic uncertainty.

Investors do not expect the market to move substantially higher in the near term until there’s more clarity on the future of government stimulus and the direction of the U.S. economy. Democrats have decided to use a legislative process that does not require Republican support to pass the $1.9 trillion package.

“We’re sort of awaiting catalysts,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab. “The market is still of the opinion that there will be a vaccine-led, broad economic recovery in the second half of this year.”

A majority of companies have now reported their latest round of earnings and the results have been surprisingly good.

Roughly 75% of companies in the S&P 500 have released results, showing overall growth of 2.8%, according to FactSet. That’s a sharp reversal from the 13% contraction analysts had forecast in late September.

Mohawk Industries shares climbed 6% after the company posted stronger-than-expected quarterly earnings. Genetic analytics company Illumina jumped 11.9% for the biggest gains in the S&P 500 following its encouraging earnings report.

Bumble shares rose a further 7.3%, extending big first-day gains Thursday on the company’s initial public offering.

Banks made some of the strongest gains as bond yields rose, which allow them to charge more lucrative interest on loans.

The yield on the 10-year Treasury rose to 1.20% from 1.16% late Thursday. Wells Fargo gained 2.5%.

Most Asian markets were closed to mark the Lunar New Year and European markets closed higher.

U.S. stock and bond markets are closed Monday for Washington’s Birthday.

DEAR AMY » Imagine working in an office and having someone copying everything you wear!

“Kate” is my colleague. She is a very nice person and sits next to me.

We are medical professionals seeing the same patients, but she comes from a rural area and when she started here, she had zero sense of style. That’s OK. She wanted to fit in here at the office and has started to completely copy me. It’s so irritating that she just goes and buys everything I wear (sweaters, shoes, bags).

She even has the same haircut from my hairdresser!

How should I deal with someone who imitates me to this extent?

I’ve stopped sharing details regarding where I shop, but she already knows.

She has everything that I wear/own (basics, like cardigans). On some days we are literally twinning, which feels sick.

I love taking the effort to put a good look together, but here I have a copycat right next door!

I know it sounds trivial, but I have to work and deal with this person every day.

Initially this imitation was flattering toward me.

I would really like your thoughts on how to handle this hindrance!

— Copied

DEAR COPIED » We all take our inspiration from sources that appeal to us and yes, unless your coworker is Single White Female-ing you (look it up), her imitation is a form of flattery. Surely, you have put together your own look based on others who have influenced you.

Copying your style might also be a mark of your co-worker’s insecurity, and a subconscious way of elevating her own standing.

I suggest a subtle correction, along with a campaign of kindness, to encourage her to continue to evolve.

You can say, “Yikes, we’re twins today. I hope our patients don’t get confused!” This will let her know that you’ve noticed.

Also, make a point of praising anything she does or wears that is different from you. She is looking for some validation from you, and if she receives it, kindly, she should become more confident and develop her own style.

If your kindness doesn’t work, then you could be more direct: “This is awkward, but I have to be honest with you. I know I’m supposed to feel flattered, but sometimes it bothers me when you wear the same clothes as I do.”

DEAR AMY » My younger daughter, 27, has a lovely boyfriend. They went to university together, started dating over three years ago, and moved in together a few months before our first London lockdown.

They have weathered the pandemic very well, I’m sure with a few tiffs, one I know of involved the haircut she gave him (haha).

My question: How do I field — or squash — the very annoying question numerous friends ask me: “So, do you think this is it?” “Is he the one?” “Do you think they’ll get married?”

My immediate reaction would be, “Ask them!” but I don’t want this great young couple getting unnecessary questions.

It’s not as if I bang on about how marvelous they are together. As with my other child and grandchild, I give updates as part of the normal topic that is asked about each other’s family in a chat.

My friends are likely posing what they perceive as normal questions, but it does rub a raw wound. My spouse and I waited four years for a longed-for baby — all the time hearing, “When do you plan on having a family”-type comments.

You are very good at this Amy; please give me a couple of clear and polite responses to these friends.

— Unsure in the UK DEAR UNSURE » I’m going to lend you a phrase from my friends in the American South that is guaranteed to politely shut down just about any query.

It goes like this: “Oh, aren’t you sweet?”

That’s it! Then you change the subject.

Otherwise, you could safely assume that these folks are really wondering what you think of your daughter’s guy. And so you can say, “Well, we really like him. They’re a lovely couple. Whatever they choose to do is fine with us.”

DEAR AMY » “Seething Sister” had a brother who continued to “correct” and bully her through social media because of her sexuality.

I am very disappointed that you didn’t tell her to completely cut out this relationship.

— Disappointed

DEAR DISAPPOINTED » “Seething Sister” claimed that she was considering complete estrangement from her brother. I suggested that disengaging from him on social media might be enough.

DEAR AMY » My husband and I have been married for 37 years. During our marriage our sex life was good (but infrequent).

Our kids are grown and moved out. My husband has heart issues and is on a lot of medication.

These meds make it impossible to have sex and he can’t take ED medications like Viagra, due to his heart issues.

These problems have made my husband very upset and he has stopped wanting sex all together. I’ve told him many times that I completely understand, and he is no less a man in my eyes.

But now there is nothing — no sex, no kissing. Nothing. He barely pays attention to me anymore. He escapes into the TV room when he’s home.

I feel very lonely and alone. I need advice on how to talk to him about this.

— Lost and Alone

DEAR LOST » Sexual dysfunction and loss of libido is common in men who have had heart surgery or treatment for heart disease. (Your husband should see his doctor!)

My theory is that he proactively avoids affectionate physical contact because he associates this sort of contact with having sex. Because of his libido, impotence, and other medical problems, he is avoiding romantic contact because he can’t face the physical risk - and the fear and awkward conversations that force him to confront this extremely painful issue.

Over time, withdrawing from physical contact in order to avoid sex has led to him withdrawing in other ways.

You want to hug, hold hands, and kiss your husband. The way back in would be to make eye contact, tell him that you love him, and that you would like to hold hands with him and continue to walk through life together. Will he hold hands with you for five minutes? Set a timer.

Practice touching and demonstrating physical warmth and gauge his comfort.

Once he is confident that physical affection won’t lead to sex, pressure for sex, and all of the discomfort surrounding it, he should feel more comfortable being physically close with you. Physical closeness, warmth, and comfort will be good for your relationship - and also for his health.

DEAR AMY » “A Fan, Not an Alum in Chicago” wondered about wearing Tshirts from colleges they had not attended.

The late, great comedian Mitch Hedberg told a joke about doing college shows and always buying a T-shirt at the college bookstore: “While walking down the street one day someone shouted at me, ‘Hey, Wash U, did you go there?’ I shouted back ‘Yes, it was a Wednesday!”’

— Comedy Fan

DEAR FAN» Another Hedberg gag >> “I’m against picketing, but I don’t know how to show it.”