Today the S&P 500 snapped a three-day losing streak with a modest gain. The bounce was largely driven by a reversal in the recent plunge in Tech stocks, with IYW (the iShares Tech ETF) up 0.99%. The 500 opened fractionally higher and then sold off to its -0.41% intraday low. It then recovered to a relatively narrow trading range from the late morning to its 0.38% advance at the closing bell, which was off its 0.54% mid-day high.
The yield on the 10-year note finished at 2.69%, down 2 bps from yesterday's close. The interim high yield was 3.04% at the end of 2013.
Here is a snapshot of the past five sessions, which shows the downtrend from the record high and today's advance.
Here is a daily chart of the SPY ETF, where we see a text-book bounce off the 50-day price moving average. Volume on today's advance, however, was restrained.
The S&P 500 is now up 0.19% for 2014.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.
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