EDITOR'S NOTE

Close, but no cigar on Wall Street this week.

The S&P 500 attempted multiple times this week to break above 3,393.52, the record intraday high set on Feb. 19. The broader market index even traded above its closing all-time high of 3,386.15 on numerous occasions throughout the week. But in the end, those attempts were futile.

Some Wall Street strategists noted the S&P 500’s struggles to reach its all-time high came as traders shuffled money between the major tech stocks such as Facebook and Amazon as well as the so-called reopening names like United Airlines and Gap. Bank stocks were also volatile throughout the week. Until those groups can rise together, we may not break out to the new high.

“This is a very bifurcated market,” said Gina Bolvin, president of Bolvin Wealth Management. “People are talking about the market being at an all-time high, but there’re all these value stocks, like the financials” that have yet to recover.

Wall Street’s inability to make a fresh record high came despite the release of solid economic data. Weekly jobless claims came in below 1 million for the first time since March. Retail sales for July excluding autos topped analyst expectations.

However, uncertainty around a key coronavirus stimulus bill dampened market sentiment and could continue to do so in the week ahead. Lawmakers have left Washington, with both Democrats and Republicans indicating they’re at a stalemate on negotiations.

Be sure to check out CNBC PRO for full coverage of the latest moves of big money investors. 

MICHAEL SANTOLI'S MARKET COLUMN

THE WEEK AHEAD

YOUR WEEKEND BRIEFING