The seven-day rally in the S&P 500 ended today when the index gave back a third of a percent of its recent gains, down 0.34% to be precise, which was off the -0.42% intraday low nine minutes before the closing bell. The big pre-open news was a much lower than expected initial jobless claims, but the good news was essentially nullified by word that data from two states wasn't included because of computer upgrades. Aside from incomplete data on jobless claims, another source of confusion is the ongoing lack of resolution on Syria. And of course it's not surprising that the market should pause in advance of the September FOMC decision on QE tapering.
The yield on the 10-year note closed at 2.92%, down 1 bp from yesterday's close and 6 bps off its interim closing high last Thursday.
Here's a 15-minute look at the week so far, which illustrates the diminishing strength aging rally prior to today slump.
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