Courtesy of Doug Short.
The S&P 500 snapped a modest three-day selloff, rising 0.31% for the day but finishing the week with a 0.68% loss. The index is 0.77% off its record close on Monday and is up 4.75% thus far in 2014. The economic news of the day was dominated by milder than expected producer price inflation, but the preliminary Michigan Consumer Sentiment for June came in below forecast.
The yield on the 10-year note ended the day at 2.60%, up 7 bps from yesterday’s close. It is now 16 bps above its interim closing low of May 28th.
Here is a weekly chart of the index. Although today’s closing gain, as I mentioned above, snapped a three-day selloff, the weekly close snapped a three-week rally, the longest of 2014. Volume for the week remains light but was a tad higher than last week.
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.
