This morning's ISM Manufacturing Index for June continues to show moderate growth, and June auto sales hit levels last seen in July 2006. The S&P 500 opened higher at its intraday low and rallied to its 0.94% all-time high in the early afternoon. It then drifted fractionally lower to a 0.67% gain for the day, which is a record close.
The yield on the 10-year note ended the day at 2.58%, 50 5 bs from Friday's close. It is now 14 bps above its interim closing low of May 28th.
Here is a chart of the past five sessions. The index is up 6.76% year-to-date.
Here is a daily snapshot of the SPY ETF, where volume picked up on today's rally.
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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