Courtesy of Doug Short.
With the Fed’s annual Jackson Hole symposium as ancient history, the rally resumed. The S&P 500 made headlines with an intraday record high above 2000, a symbolic level it breached about 40 minutes after the open. The intraday peak at 2001.95 occurred a few minutes later. The 0.68% advance to the intraday high faltered a bit during the lunch hour. The afternoon trade took place in a narrow range below the 2000 benchmark, ending at 1997.92 for a 0.48% daily gain.
Treasuries were little changed. The yield on the 10-year Note closed at 2.39%, down 1 bp from Friday’s close.
Here is a 15-minute chart of the past five sessions.
Today’s historic levels saw reduced summer trading volume.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
