S&P 500 Snapshot: Plunge On Weak Earnings And (Mostly) Bad Economic News
Doug Short | Jan 28, 2015 01:40AM ET
Weak earnings and an ugly Consumer Confidence . The S&P 500 plunged in the opening minutes and hit its -1.81% intraday low at 10:45, seemingly ignoring the 10 AM release of the surprisingly cheerful Consumer Confidence report. A slow upward trend ensued and lasted until the mid-afternoon, trimming the decline to -0.68%. But the selling resumed and the index ended the day with a 1.34% loss.
The yield on the U.S. 10-Year Note closed at 1.83%, unchanged from Monday's close.
Here is a 15-minute chart of the past five sessions.
Here is a daily chart of the SPDR S&P 500 (ARCA:SPY) ETF, which gives a better sense of investor participation. Volume on today's selloff was unremarkable (although the storm in the northeast may have trimmed today's investor activity).
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough. The S&P 500 is 2.92% off its record close on December 29th.
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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