Stock Market Squeaks Out Another Record High

By: PhilStockWorld

Courtesy of Doug Short: Before the market opened, the headline Nonfarm Jobs in the February employment report came in better than expected. The S&P 500 rallied briefly at the open, hitting its all-time intraday high, up a modest 0.35%, in the first five minutes of trading. The index then retreated to its similarly modest -0.34% intraday low in the late morning. It spent the rest of the day in a fairly narrow trading range and managed to rise above yesterday’s close in the final minutes to squeak out another record high, up 0.05%. The 500 rose an even one percent for the week.

The yield on the 10-year note closed at 2.80%, up 6 bps from yesterday’s close. The interim high was 3.04% at the end of 2013.

Here is a 15-minute snapshot of the week. Most of this week’s action is attributable to Tuesday’s Ukraine relief rally. The index price since Tuesday’s close has hovered in a fairly narrow range despite some major economic news.

The volume for today’s trade was again light side.

The S&P 500 is now up 1.61% 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.

- Phil

www.philstockworld.com

Philip R. Davis is a founder of Phil's Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing -- which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil's Stock World (www.philstockworld.com)

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