S&P 500 Snapshot: A Small Gain After Some Typical Gaming Of The FOMC
Doug Short | Sep 17, 2014 04:43PM ET
The S&P 500, not surprisingly, remained subdued in advance of the 2 PM Fed action, which included the PDF format ). The trader gaming began about 15 minutes before the statement was released and continued through Chair Yellen's 2:30 PM press conference. After the Fed inspired volatility, the index closed with a small gain of 0.13%.
The yield on the U.S. 10-Year Note closed at 2.62%, up 2 bps from yesterday's close. It is now 28 bps above its 2014 low.
Here is a 5-minute chart of that illustrates today's fast trade gamesmanship.
Check out today's volume in the SPDR S&P 500 (ARCA:SPY) ETF.
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.
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