S&P 500 Snapshot: Copycat Rally On Crimea, Good Industrial Production
Doug Short | Mar 18, 2014 12:50AM ET
In the wake of the Crimean vote to join Russia, European markets were in rally mode when the opening bell rang in the US. The EURO STOXX 50 would subsequently close with 1.48% advance. The US markets had an unexpectedly strong headline number in today's Industrial Production for February to reinforce the positive European role model. The S&P 500 rallied at the open, hitting its 1.15% intraday high 30 minutes later. After the initial rally, the index traded in a relatively narrow range around 1858, which alternated between resistance and support. At the final bell the 500 closed with a slightly trimmed gain of 0.96%.
The yield on the 10-year note closed at 2.70%, up 5 bps from Friday's close. The interim high was 3.04% at the end of 2013.
Here is a 5-minute snapshot of today's market with a bit of Friday for context.
Today's gain came on extremely light volume. We might speculate that many market players are cautious ahead of Wednesday's FOMC minutes and Yellen first press conference.
The S&P 500 is now up 0.56% for 2014.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.