With no economic news today and Wednesday's FOMC boost now history, the S&P 500 spent the day in the narrowest trading range of 2014. Today was a quadruple witching day: Market index futures, market index options, stock options and stock futures all expired, which often triggers price volatility. Not this time! Today's 0.17% advance (near the top of the 0.24% intraday range) was a record close.
The yield on the 10-year note ended the day at 2.63%, down one bp from yesterday's close. It is now 19 bps above its interim closing low of May 28th.
Here is a chart of the week.
Here is a daily snapshot of the S&P 500. Today's advance takes the current rally to six days, the second six-day string this year.
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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