S&P 500 Snapshot: Big Reversal of Yesterday's Fed Rally
October 9th, 2014 Doug Short
This morning many of us wondered whether yesterday’s Fed rally on the release of the FOMC minutes (which had a definite dovish tilt) would see a follow through or fade. The answer is now in. The S&P 500 plunged 2.07%, erasing all of yesterday’s gain and then some. The popular financial press is filled with the usual array of opinions, as the battle of the bulls and bears heats up. Today’s selloff was the fourth largest daily decline of 2014.
The yield on the 10-year Note ended at 2.34%, down only 1 bp from yesterday’s close and tied with its 2014 closing low.
Source: http://www.advisorperspectives.com/dshort/updates/Current-Market-Snapshot-141009.php
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