The S&P 500 rallied on Friday after a strong employment report for December. The index is up 2.28% from Thursday and is still 18.8% below its record close.

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The U.S. Treasury puts the closing yield on the 10-year note as of January 6 at 3.55% which is above its record low (0.52% on 8/4/2020). The 2-year note is at 4.24%. See our latest Treasury Snapshot here.

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Here's a snapshot of the index going back to 2012.

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A Perspective on Drawdowns

Here's a snapshot of record highs and selloffs since the 2009 trough. Note the recent selloffs in 2022.

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Here's a table with the number of days of a 1% or more change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.

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Here is a more conventional log-scale chart with drawdowns highlighted.

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Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

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A Perspective on Volatility

For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We've also included a 20-day moving average to help identify trends in volatility.

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