S&P 500 Snapshot: Best Two-Day Gain in Over Three Years

December 17, 2014

by Doug Short

The S&P 500 posted a whopping gain of 2.40% for the day. That was that best one-day gain since the 2.54% pop on first day of trading in 2013. On top of yesterday's 2.04% advance, the index has posted the best two-day gain in three years. The rally in the US was part of a global phenomenon. The Euro STOXX 50 surged 3.33% today and is up 5.73% over the past three sessions. As for oil, "Look out below!" West Texas Crude dropped another 3% today.

The yield on the 10-year Note closed at 2.22%, up 8 bps from yesterday's close and 15 bps since Tuesday, which was the lowest yield of 2014.

Here is a 15-minute chart of the past five sessions.

Here is a daily chart of the index. The two-day rally has been accompanied by strong volume.

As for West Texas Crude, here's a look at the past seven months. Ouch!

A Perspective on Drawdowns

We're now five days off the record close in the S&P 500. Here's a snapshot of selloffs since the 2009 trough.

Click to View
Click for a larger image

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.

Click to View
Click for a larger image

Click to View
Click for a larger image

Website by the Boston Web Company