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S&P 500 Snapshot: Third Day Of Gains On Debt-Deal Optimism

ByDoug Short
Published 10/13/2013, 12:37 AM
Updated 07/09/2023, 06:31 AM

Friday, optimism on negotiations to lift the debt ceiling and end the government shutdown produced the third day of gains. The S&P 500 stuttered briefly at the open but went on to close the session with a 0.63% gain, just fractionally off the intraday high, thus logging a 0.75% gain for the week. For the sometimes troublesome month of October, the index is up 1.29% in spite of various disruptions from the government closure.

Although the market is now looking beyond the shutdown and mid-October debt ceiling, the general public has taken a dimmer view. Friday's Michigan Consumer Sentiment slipped to its lowest level since January and is only 5.9 points above the average reading during recessions.

Here is a 15-minute snapshot of the week.
S&P 500 15 Minute Weekly Snapshot
Here is a two-hour chart since early last month, which illustrates the advance to the all-time high and the weird behavior since the October 1st shutdown.
S&P 500 2 Hour Monthly Chart
On a daily chart we can see a pattern of decreasing volume in the three-day rally that closed the week.
S&P 500 Daily Chart
The S&P 500 is now up 19.42% for 2013 and 1.29% below the all-time closing high of September 18.
S&P 500 Current Market Snapshot
S&P 500 Current Market Snapshot Since 2007
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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