Courtesy of Doug Short.
The S&P 500 closed out the year with a 29.60% gain and ended at a new all-time high. Only four times since its inception in 1957 has index had higher annual gains: 38.06% in 1958, 31.55% in 1975, 34.11% in 1995, and 31.01% in 1997.
According to the U.S. Treasury, the yield on the 10-year note closed at 3.04, a new interim high.
Here is a 30-minute look at the S&P 500 since the big post-FOMC rally on December 18th. Today’s action no doubt included some year-end portfolio adjustments, especially in the final hour.
Volume today was again at reduced holiday levels. The daily chart gives a clear look at the magnitude of the post-FOMC rally, which started with a bounce off the 50-day moving average and closed the year at that new high.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
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.
