Yesterday's 3rd Estimate of Q1 GDP shocked to the downside, but the GDP is backward looking, and the market couldn't care less. The S&P 500 hit its -0.13% intraday low two minutes into the session and then began its fairly steady recovery to its 0.56% intraday high about 15 minutes before the close. A bit of selling in the final minutes trimmed the gain to 0.49%. The index is now a mere 0.17% off its record close on Friday.
The yield on the 10-year note ended the day at 2.57%, down 1 bps from yesterday's close. It is now 13 bps above its interim closing low of May 28th.
Here is a chart of the past five sessions.
Here is a daily snapshot of the S&P 500. Volume on today's GDP post-mortem financial press was (yawn) one percent above 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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