US equity indexes hovered around the flatline today on vanishing volume. The Dow and Nasdaq closed with tiny losses, down 0.02% and 0.04%, respectively. The S&P 500 posted a fractional gain of 0.05%, but anything positive ensured both intraday and closing record highs. As for today's trading range (a -0.06% low to a 0.22% high), it was the fourth smallest of 2014.
The yield on the 10-year note ended the day at 2.52%, up 4 bps from yesterday's close. It is now 8 bps above its interim closing low of May 28th.
Here is a 15-minute chart of the past five sessions. The S&P 500 is up 7.55% year-to-date.
Volume on the SPY ETF, which gives a rough sense of individual investor participation, continues to shrink.
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.
