FB - Stocks Take Breather Dow S&P Flat

U.S. stocks held steady on Tuesday as the market's blistering rally in February took a pause.

The Dow Jones Industrials faded 10.72 points south of breakeven to finish the day at 31,375.04, ending after a six-day winning streak.

The S&P 500 sank 4.3 points to 3,911.29.

The NASDAQ Composite added to its all-time record, 20.06 points to 14,007.70. Facebook and Netflix rose more than 1% each, while Microsoft and Alphabet also traded in the green.

Investors could be taking some chips off the table following a strong rally boosted by optimism for a smooth reopening amid the COVID vaccine rollout. Cyclical sectors, which had outperformed in recent weeks, led the declines. Energy fell 2.4%, paring its month-to-date gains to 10%. Financials dipped 0.5% after rallying more than 7% this month.

However, Bank of America said a market correction could be on the horizon as the recent runup has shown signs of overheating, but it will be a buying opportunity for equity investors.

Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats on Monday unveiled the details of a relief proposal that included $1,400 direct cheques with faster phase-outs than previous bills. Many believe additional stimulus could help drive the stock market higher

Prices for 10-Year Treasurys gained, lowering yields to 1.16% from Monday's 1.18%. Treasury prices and yields move in opposite directions.

Oil prices regained 36 cents to $58.33 U.S. a barrel.

Gold prices gained $1.80 to $1,836.00 U.S. an ounce.