S&P 500 weekly chart
Closing changes on the day:
- S&P 500 up +1.00%
- DJIA +0.7%
- Russell 2000 +2.7%
- Nasdaq Comp +1.4%
- Toronto TSX Comp +1.0%
On the week:
- S&P 500 up 5.9% — best since Nov 2022
- DJIA +5.1%
- Russell 2000 +7.6% — best since Feb 2021
- Nasdaq Comp +6.6%
- Toronto TSX Comp +5.8%
The chart above shows a great recovery from the prior two weeks of gains but it needs to get over those recent highs to be truly convincing. I think we’ll have some follow-through in the week ahead because there is some FOMO out there but it will be tested because I don’t think there’s an appetite to take 10-year yields below 4.50% just yet.