S&P 500 Snapshot: First Weekly Loss After Six Advances
Doug Short | Sep 12, 2014 06:01PM ET
This morning's economic news was good. The August consumer sentiment surprised to the upside. The market, however, did not celebrate. The popular explanation is that today's economic news lifts the odds of a Fed rate hike sooner rather than later, with general anxiety increased by the proximity of next week's FOMC meeting. The S&P 500 opened in the red and dropped steadily to its -0.86% afternoon low. A bit of dip-buying trimmed the closing loss to -0.60%.
The yield on the U.S. 10-Year Note closed at 2.62%, up 16 bps from last week's close. It is now 28 bps above its 2014 low.
Here is a 15-minute chart of the week:
Here is a weekly chart with 10-week moving averages for price and volume. This week's 1.10% decline snaps a string of six weekly advances. The loss came on increased volume.
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.
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.