The two-day rally off last Wednesday’s interim low ended today, apparently triggered by renewed selling in oil and in nervous expectations of major economic indicators later this week (Consumer Sentiment, Durable Goods, Q4 GDP, etc.). The end-of-day spot price for West Texas Crude plunged 7.6%. The S&P 500 opened lower and zigzagged in a narrow range to a trend of renewed selling after the lunch hour. The index closed with a 1.56% loss, just a hair above its -1.62% intraday low in the closing minutes.
The yield on the 10-year note closed at 2.03%, down 4 basis points from the previous close.
Here is a snapshot of past five sessions.