On Tuesday the S&P 500 closed out 2013 with a major bang, setting another all-time high. Today, the first market day of 2014, the index opened in a minor key with selling pressure from the opening bell. It hit its -0.14% intraday high in the opening minutes and sold off to its -1.12% mid-afternoon intraday low. By the closing bell it had trimmed the loss to 0.89%.
Before the market opened, the Weekly Jobless Claims missed expectations and its 4-week moving average is almost back to where it was at the end of 2014. On a more positive note, the ISM Manufacturing Index showed continued growth in December, although fractionally lower than in November.
According to the U.S. Treasury, the yield on the 10-year note closed at 3.00, down 4 bps from its interim high on Tuesday.
Here is a 15-minute look at the holiday-interrupted week so far.
Volume picked up from the holiday lull but remained below its 50-day moving average.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.
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