** S&P 500 rises for 2nd straight week, gains 2.6%, hits new highs on increased economic optimism
** That said, week started on the back foot , and Nasdaq confirmed a correction
** Indeed, amid a tech tumble, Nasdaq futures struggled to stabilize
** However, the Dow saw some sustained strength
, also hits new highs
** But in the end, Nasdaq futures hit battle lines and failed , though still gain, in what was one wild week
** The question is, will investors' creep into cash turn into a stampede?
** Every sector rides higher: consumer discretionary climbs most, while communication services brings up the rear
** Materials leap 4.4%. Shares of U.S. steel cos rise after Morgan Stanley upgrades industry to "attractive"
. Nucor advances ~11%. VanEck Vectors Steel ETF rallies 5%
** Industrials ascend 3.6%. Boeing best in sector, up 21%, on 737 Max orders and as net orders turn positive, deliveries rise . Though GE falls after deal to sell aircraft leasing business to Ireland's AerCap
** Financials jump 3.2%. Banks and insurers track Treasury yields higher . S&P Banks Index up 4%
** Healthcare up 1.3%. Cardinal Health advances on $1 bln deal to sell medical device business
. Pfizer Inc and German partner BioNTech SE
gain as data shows COVID-19 vaccine likely to prevent asymptomatic infections
** Energy adds 1.1%. Oil stocks lift as improved economic outlook, production cuts boost crude
** Meanwhile, Roblox Corp surges in long awaited debut after gaming platform opts for direct listing vs traditional IPO
** SPX performance YTD:
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper.tr.com@reuters.net lance.tupper@tr.com terence.gabriel.tr.com@reuters.net terence.gabriel@tr.com))