Another Stock Market Record High With Some Afternoon Drama …
Another Stock Market Record High With Some Afternoon Drama
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Stock Markets 2014Mar 01, 2014 – 03:11 PM GMT
By: PhilStockWorld
Courtesy of Doug Short: Before the US market opened, the Second Estimate of Q4 GDP showed slower growth than previously reported. But the market wasn’t fazed. The S&P 500 rallied for the first hour, assisted by an improvement in Michigan Consumer Sentiment. The index hit is 0.74% intraday high in the early afternoon. However, shortly before 2 PM it began a sudden and fairly dramatic selloff to its -0.36% intraday low — a move that roughly coincided with news of Russian military action in the Ukrainian crisis. The selloff reversed in the final hour, and the index closed with a trimmed gain of 0.28%, setting another record high.
The yield on the 10-year note closed at 2.66%, up 1 bp from yesterday’s close. The interim high was 3.04% at the end of 2013.
Here is a snapshot of the week, which shows that most of the market drama occurred on Monday and Friday.
Today’s volume was 7% above its 50-day moving average.
The S&P 500 is now up 0.60% 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.
– Phil
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Philip R. Davis is a founder of Phil’s Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing — which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil’s Stock World (www.philstockworld.com)
© 2014 Copyright PhilStockWorld – All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
PhilStockWorld
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Another Stock Market Record High With Some Afternoon Drama …
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