We got a good Industrial Production report 15 minutes before the opening bell, but Triple Witching Friday triggered some morning action that rendered the IP number a non-event. The S&P 500 dropped at the open and slipped again when the recessionary Michigan Sentiment preliminary March data was released at 9:55 AM, hitting its intraday low about five minutes later. The 500 traded up ... down ... and partway up again, finally closing with a fractional 0.16% gain, which translates to 0.62% for the week. But the index held the 1,560 level by a hair at 1,560.70, less than five points from its all-time high of March 2007.
The broader S&P 500 is certainly having difficulty imitating the Dow's recent string of all-time highs, despite the fact, as we learned today, that Former Federal Reserve Chairman Alan Greenspan thinks stocks are still "significantly undervalued", and even Mila Kunis is switching from cash to stocks. Go figure!
Here's a 15-minute look at the week just ended.
The S&P 500 is now up 9.43% for 2013 and 0.16% below the interim closing high set Thursday.
From a longer-term perspective, the index is 130.7% above the March 2009 closing low and 0.3% below the nominal all-time high of October 2007.
For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.