Today's economic news was rosy: New jobless claims were down, the Philly Fed's Business Outlook Survey and the Conference Board's Leading Economic Index both posted their fourth consecutive month of growth. The S&P 500 hit its 0.15% intraday high in the opening minutes and then slowly slumped to its -0.24% intraday low in the early afternoon. It then gradually recovered to within a hair's breadth of the morning high, closing with a 0.13% gain. This was the fifth day of the latest rally, and both the intraday and closing numbers were new records.
The yield on the 10-year note ended the day at 2.64%, up 3 bps from yesterday's close. It is now 20 bps above its interim closing low of May 28th.
Here is a chart of the five-day rally. The trend has been a slow melt up with the one conspicuous surge following the FOMC news release of Chair Yellen's press conference.
Here is a daily snapshot of the S&P 500. This is the longest rally since the six-day advance in mid-April. Volume remains light.
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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