S&P 500 Snapshot: The Tuesday Selloff, Global Growth Disappoints
Doug Short | Oct 07, 2014 03:58PM ET
The bad performance in today's US indexes was largely driven by Europe. The benchmark DJ Euro Stoxx 50 closed at -1.80%. Germany's industrial production plunged 4%, its biggest monthly drop since August 2009, and the IMF issued a disappointing outlook for global economic growth. The S&P 500 opened at its -0.13% intraday high and sold off to a modest negative range until around 2PM, at which point the selling accelerated. The index closed at -1.51%, a hair off its -1.52% intraday low. This was the ninth daily decline of the 13 sessions since the September 18th record close.
Today's selloff comes the day before Alcoa Inc (NYSE:AA) kicks off the Q3 earnings season.
The yield on the 10-Year Note ended at 2.36%, down 7 bps from yesterday's close.
Here is a 15-minute chart of the past five sessions.
Volume rose on today's selling.
A Perspective on Drawdowns
The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.
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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