Another day of no US economic news prompted more attention to world events, with the popular financial press zeroing in on woes in Portugal. The S&P 500 opened in the red and plunged to its -1.01% intraday low in the first 20 minutes of trading. It then reversed directions and recovered to its -0.15% intraday high. But a renewal of selling took in the index to its -0.41% close.
The yield on the 10-year note ended the day at 2.52%, 2 bps below the previous close. It is now 11 bps above its interim closing low of May 28th.
Here is a chart of the past five sessions. The index is up 6.29% year-to-date and 1.05% below its record close last week.
For the second day, volume remained close to its 50-day moving average.
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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