In the wake of the Crimean vote to join Russia, European markets were in rally mode when the opening bell rang in the US. The EURO STOXX 50 would subsequently close with 1.48% advance. The US markets had an unexpectedly strong headline number in today's Industrial Production for February to reinforce the positive European role model. The S&P 500 rallied at the open, hitting its 1.15% intraday high 30 minutes later. After the initial rally, the index traded in a relatively narrow range around 1858, which alternated between resistance and support. At the final bell the 500 closed with a slightly trimmed gain of 0.96%.
The yield on the 10-year note closed at 2.70%, up 5 bps from Friday's close. The interim high was 3.04% at the end of 2013.
Here is a 5-minute snapshot of today's market with a bit of Friday for context.
Today's gain came on extremely light volume. We might speculate that many market players are cautious ahead of Wednesday's FOMC minutes and Yellen first press conference.
The S&P 500 is now up 0.56% 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.