This morning we learned that the June headline Producer Price Index was hotter than expected, potentially fueling inflationary concerns, and Industrial Production came in a bit light. The market paid little attention to the economic news. It was presumably more interested in earnings reports and big deals, e.g., Rupert Murdoch's rebuffed bid for Time Warner. Yikes! That's my Internet provider! The Dow ended the day with its 15 record close of 2014. The S&P 500 finished with a 0.42% gain that left it just 0.19% shy of its record close on July 3rd.
The yield on the 10-year note ended the day at 2.55%, 1 bp below the previous close. It is now 11 bps above its interim closing low of May 28th.
Here is a chart of the last five sessions. The index is up 7.21% year-to-date.
Here is a daily chart of the index. Volume surged 31% above its 50-day moving average.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
