S&P 500 Snapshot: Best Weekly Gain
Since July of Last Year

By Doug Short
April 17, 2014

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The pre-market announcement of new jobless claims continues to beat expectations with its four-week moving average now the lowest since early October of 2007, two months before the last recession. Despite the good claims number, the S&P 500 opened fractionally lower with some options expiration volume and sold off to its modest -0.30% intraday low 25 minutes later. The index slowly recovered to its 0.39% intraday high early in the final hour of trading. It closed with a trimmed gain of 0.14%, the fourth day of gains and a hefty 2.71% advance for the holiday-shortened week -- the best weekly since the week after Independence Day in 2013.

The yield on the 10-year note finished at 2.73%, up 8 bps from yesterday's close and 13 bps off the 2014 low of 2.60%.

Here is a snapshot of the four-day week.

Here is a daily chart of the SPY ETF. Although many commentators have warned of growing market exuberance, a look at the volume bars shows that trading has generally been much higher on declines.

The S&P 500 is now up 0.89% 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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