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S&P 500 Snapshot: Today’s Rally Snaps a Three-Day Selloff

Courtesy of Doug Short.

The S&P 500 snapped its modest three-day losing streak with today’s closing gain of 0.81%. This morning’s new jobless claims came in better (lower) than expected, and the Producer Price Index fell for the second month, a sign that businesses are not seeing any inflationary pressure. About an hour after today’s open, the index had recovered from its Wednesday afternoon “taper tantrum” following the latest FOMC minutes. The index then traded sideways for a couple of hour and then drifted higher to its close, mere 0.13% below the all-time closing high of November 15th.

Actually the 500′s older cousin, the Dow, stole the show today with its first close above 16,000.

Here is a 15-minute look at the week so far.

Volume for today’s advance was spot on its 50-day moving average.

The S&P 500 is now up 25.92% for 2013.

 

 

 

 

For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.

 

 

 

 


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