The S&P 500 dipped slightly from a record high on Tuesday as the market's strong rally in February took a pause.
 | TUE, FEB 09, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 136.01 | -0.90 | -0.66% | | INTC | 58.78 | -0.38 | -0.64% | | CSCO | 48.50 | -0.44 | -0.90% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | F | 11.93 | +0.37 | +3.20% | | AAPL | 136.01 | -0.90 | -0.66% | | GE | 11.54 | -0.07 | -0.60% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 136.01 | -0.90 | -0.66% | | AMD | 90.91 | -0.56 | -0.61% | | SIRI | 6.06 | +0.02 | +0.32% | |
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The stock market's blistering February rally showed some signs of exhaustion on Tuesday, and Bank of America said there could be a correction on the horizon. The Dow Jones Industrial Average and the S&P 500 posted small losses on Tuesday, halting their six-day winning streaks. The S&P 500 spent most of the session fluctuating along the flatline. The Nasdaq Composite bucked the downtrend and rose slightly to notch another record high.  BofA believes a pullback is likely as the market is priced for perfection amid Covid reopening optimism, but the bank said any weakness will be a buying opportunity for equity investors. "We expect a buyable 5-10% Q1 correction as the big 'unknowns' coincide with exuberant positioning, record equity supply, and 'as good as it gets' earnings revisions," Jared Woodard, investment and ETF strategist at BofA, said in a note. The bank has an S&P 500 year-end target of 3,800, which represents a 3% decline from here. The forecast is well below Wall Street analysts' average of 4,082, according to the CNBC Market Strategist Survey. |
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