S&P 500 Snapshot: New 2023 High
The S&P 500 posted its highest close of the year on Friday and now sits just 4.01% below its record close from January 3, 2022. A late week rally led the index to its sixth consecutive week of gains as it finished 0.2% up from last Friday. The index is currently up 20.40% year to date.
Here is a snapshot of the index over the past 5 days:
Here is a snapshot of the index from the past six months with a 50-day moving average:
The U.S. Treasury put the closing yield on the 10-year note, as of December 8th, at 4.23% which is above its record low (0.52% on 8/4/2020). The 2-year note is at 4.71%. ETFs associated with Treasuries include: iShares 1-3 Year Treasury Bond ETF (SHY), iShares 7-10 Year Treasury Bond ETF (IEF), and iShares 20+ Year Treasury Bond ETF (TLT). See our latest Treasury Snapshot here.
S&P 500: A Perspective on Drawdowns
On October 9, 2007 the S&P 500 reached a then all-time high, closing the day at 1565.15. Then on March 9, 2009, the index dropped ~57% off of its high from exactly 17 months before, closing the day at 676.53. This time period became known as the Global Financial Crisis. It took over 5 years before the index reached a new then all-time high on March 28, 2013, where it closed out at 1569.19. The chart below is a snapshot of record highs and selloffs since the 2007 peak reached on October 9, 2007.
What happens if we take out the Global Financial Crisis? Here's a snapshot the same chart above where the start date has been changed to the trough reached on March 9, 2009. Note the recent selloffs in 2022.
Here's a table with the number of days of a 1% or greater change in either direction and the number of days of corrections (down 10% or more from the record high) going back to 2013.