Wall Street capped another choppy day of trading Wednesday with a mixed finish for stock indexes and another all-time high for the S&P 500.
The benchmark index inched up 0.1% after spending much of the day wavering between small gains and losses. Technology, communication and financial companies helped lift the market, offsetting a pullback led by industrials, materials and health care stocks. Treasury yields were also mixed.
The broader market has been mostly subdued this week as investors remain cautiously optimistic about the economic recovery. Vaccine distribution has been ramping up, and President Joe Biden has bumped up his deadline for states to make doses available to all adults by April 19. The vaccines are helping to fuel a recovery, but the virus is still very much a threat as variants are discovered and threaten additional lockdowns.
The S&P 500 rose 6.01 points to 4,079.95. The Dow Jones Industrial Average gained 16.02 points, or 0.1%, to 33,446.26. The Nasdaq composite slipped 9.54 points, or 0.1%, to 13,688.84. The S&P 500 and Dow each set record highs Monday.
Small company stocks, which have been outgaining the broader market this year, took the brunt of the selling. The Russell 2000 index of smaller companies gave up 36.10 points, or 1.6%, to 2,223.05. The index is up 12.6% so far this year, while the S&P 500, which tracks large companies, is up 8.6%.
Analysts expect the economy to recover this year, but they also anticipate the market to remain choppy as investors shift money to companies and industries that stand to benefit as the pandemic eases.
Carnival, which essentially shut down during the pandemic, rose 1.4% Wednesday. The company said bookings have picked up. Other cruise line operators also gained ground as they plan to restart operations.
