S&P 500 Snapshot: Rally Day 3, Back In The Green For 2014
Doug Short | Apr 17, 2014 12:55AM ET
When the US market opened yesterday, Japan's Nikkei had closed with a massive 3.01% gain and the DJ Euro Stoxx 50 was in rally mode, ultimately to log a 1.54% advance. The Federal Reserve had published better-than-forecast March Industrial Production data with a substantial upward revision to the February numbers. The S&P 500 popped at the open and rose in a couple of waves through the day to its 1.05% intraday high at the closing bell. This was the third day of gains and enough to put the index back in the green year-to-date but still 1.51% off its record closing high set ten sessions ago on April 2nd.
The yield on the 10-Year note finished at 2.65%, up 1 bp from Friday's close and 5 bps off the 2014 low of 2.60%.
Here is a snapshot of the past five sessions.
Volume for yesterday's advance was above slightly below its 50-day moving average. The closing price is put the index back above its 50-day price moving average.
Apparently some investors were content to stay on the sidelines. Volume on the SPDR S&P 500 ETF (ARCA:SPY) was well below Tuesday's participation and about 17% below its 50-day moving average.
The S&P 500 is now up 0.75% for 2014.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
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