The much awaited Employment Report for May delivered no big surprises -- in line with most mainstream forecasts. The S&P 500 arced modestly higher for the first 90 minutes and traded most of the day in a narrow range. It closed at its intraday high, up 0.46%. This was the eighth record close in ten sessions. The index is up 1.34% for the week and 5.47% for the year thus far.
The yield on the 10-year note rose 1 bp to close at 2.60%. The closing yield has hovered in a 2 bp range for the past four sessions. is now 16 bps above its interim closing low of May 28th.
Here is an S&P 500 snapshot of the week.
Here is a weekly chart of the index. The last three weeks have trended higher after after ten weekly closes in a fairly narrow range. Volume on the rally has been light.
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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