Exchange Rate Fluctuations, 1.371 Million New Nonfarm Payroll Jobs in August and 1.027 Million New Private Payroll Jobs, Thirty-Five Million Unemployed or Underemployed in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide, Unemployment Rate 8.4 Percent in Aug In the Global Recession, with Output in the US Reaching a High in Feb 2020 (https://www.nber.org/cycles.html), in the Lockdown of Economic Activity in the COVID-19 Event, Job Creation, Cyclically Stagnating Real Wages, Increase of Real Personal Consumption Expenditures of 1.6 Percent in Jul, Cyclically Stagnating Real Disposable Income Per Capita, Financial Repression, World Cyclical Slow Growth, and Government Intervention in Globalization: Part V

 

Carlos M. Pelaez

 

© Carlos M. Pelaez, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020.

 

I Thirty-Five Million Unemployed or Underemployed in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide

IA2 Number of People in Job Stress

            IA3 Long-term and Cyclical Comparison of Employment

            IA4 Job Creation

IB Stagnating Real Wages

II Stagnating Real Disposable Income and Consumption Expenditures

            IIB1 Stagnating Real Disposable Income and Consumption Expenditures

IB2 Financial Repression

III World Financial Turbulence

IV Global Inflation

V World Economic Slowdown

VA United States

VB Japan

VC China

VD Euro Area

VE Germany

VF France

VG Italy

VH United Kingdom

VI Valuation of Risk Financial Assets

VII Economic Indicators

VIII Interest Rates

IX Conclusion

References

Appendixes

Appendix I The Great Inflation

IIIB Appendix on Safe Haven Currencies

IIIC Appendix on Fiscal Compact

IIID Appendix on European Central Bank Large Scale Lender of Last Resort

IIIG Appendix on Deficit Financing of Growth and the Debt Crisis

 

Table III-1, updated with every comment in this blog, provides beginning values on Aug 28 and daily values throughout the week ending on Sep 4, 2020, of various financial assets. Section VI Valuation of Risk Financial Assets provides a set of more complete values. All data are for New York time at the close of business. The first column provides the value on Fri Aug 28, 2020 and the percentage change in that prior week below the label of the financial risk asset. For example, the first column “Fri Aug 28, 2020,” first row “USD/EUR 1.1907  -0.9%  -0.7%,” provides the information that the US dollar (USD) depreciated 0.9 percent to USD 1.1907/EUR in the week ending on Aug 28 relative to the exchange rate on Aug 21 and depreciated 0.7 percent relative to Thu Aug 27. The first five asset rows provide five key exchange rates versus the dollar and the percentage cumulative appreciation (positive change or no sign) or depreciation (negative change or negative sign). Positive changes constitute appreciation of the relevant exchange rate and negative changes depreciation. The most important source of financial turbulence is shifting toward fluctuating interest rates in the global recession, with output in the US reaching a high in Feb 2020 (https://www.nber.org/cycles.html), in the lockdown of economic activity in the COVID-19 event. The dollar/euro rate is quoted as number of US dollars USD per euro EUR, USD 1.1907/EUR in the first row, first column in the block for currencies in Table III-1 for Aug 28, depreciating to USD 1.1937/EUR on Mon Aug 31, 2020, or by 0.3 percent. The dollar depreciated because more dollars, $1.1937, were required on Mon Aug 31 to buy one euro than $1.1907 on Fri Aug 28. Table III-1 defines a country’s exchange rate as number of units of domestic currency per unit of foreign currency. USD/EUR would be the definition of the exchange rate of the US and the inverse [1/(USD/EUR)] is the definition in this convention of the rate of exchange of the euro zone, EUR/USD. A convention used throughout this blog is required to maintain consistency in characterizing movements of the exchange rate such as in Table III-1 as appreciation and depreciation. The first row for each of the currencies shows the market closing exchange rate at New York time, such as USD 1.1907/EUR on Aug 28. The second row provides the cumulative percentage appreciation or depreciation of the exchange rate from the rate on the last business day of the prior week, in this case Aug 28, to the last business day of the current week, in this case Sep 4, such as appreciation of 0.6 percent to USD 1.1841/EUR by Sep 4. The third row provides the percentage change from the prior business day to the current business day. For example, the USD appreciated (denoted by positive sign) by 0.6 percent from the rate of USD 1.1907/EUR on Fri Aug 28 to the rate of USD 1.1841 on Sep 4 {[(1.1841/1.1907) - 1]100 = -0.6%}. The dollar appreciated (denoted by positive sign) by 0.1 percent from the rate of USD 1.1854 on Thu Sep 3 to USD 1.1841/EUR on Fri Sep 4 {[(1.1841/1.1854) -1]100 = -0.1%}. Other factors constant, increasing risk aversion causes appreciation of the dollar relative to the euro, with rising uncertainty on European and global sovereign risks increasing dollar-denominated assets with sales of risk financial investments. On Aug 27, 2020, the Federal Open Market Committee changed its Longer-Run Goals and Monetary Policy Strategy, including the following (https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy.htm): “The Committee judges that longer-term inflation expectations that are well anchored at 2 percent foster price stability and moderate long-term interest rates and enhance the Committee's ability to promote maximum employment in the face of significant economic disturbances. In order to anchor longer-term inflation expectations at this level, the Committee seeks to achieve inflation that averages 2 percent over time, and therefore judges that, following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time.” The new policy can affect relative exchange rates depending on relative inflation rates and country risk issues.

There is mixed performance in equity indexes with several indexes in Table III-1 oscillating sharply in the week ending on Sep 4, 2020, after wide swings caused by reallocations of investment portfolios worldwide. The global recession, with output in the US reaching a high in Feb 2020 (https://www.nber.org/cycles.html), in the lockdown of economic activity in the COVID-19 event, is having strong effects in the economy and financial markets. Stagnating revenues, corporate cash hoarding, effects of currency oscillations on corporate earnings and declining investment are causing reevaluation of discounted net earnings with deteriorating views on the world economy and United States fiscal sustainability but investors have been driving indexes higher. There are complex economic, financial and political effects of the withdrawal of the UK from the European Union or BREXIT after the referendum on Jun 23, 2016 (https://next.ft.com/eu-referendum for extensive coverage by the Financial Times). Nuclear conflicts in the Korean Peninsula and global geopolitics are also affecting financial markets. An immediate factor is the path of raising interest rates by the Fed, becoming a path of decreasing interest rates with increasing balance sheet. On Aug 27, 2020, the Federal Open Market Committee changed its Longer-Run Goals and Monetary Policy Strategy, including the following (https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy.htm): “The Committee judges that longer-term inflation expectations that are well anchored at 2 percent foster price stability and moderate long-term interest rates and enhance the Committee's ability to promote maximum employment in the face of significant economic disturbances. In order to anchor longer-term inflation expectations at this level, the Committee seeks to achieve inflation that averages 2 percent over time, and therefore judges that, following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time.” The new policy can affect relative exchange rates depending on relative inflation rates and country risk issues. DJIA decreased 0.6 percent on Sep 4, decreasing 1.8 percent in the week. Germany’s DAX decreased 1.6 percent on Sep 4 and decreased 1.5 percent in the week. Dow Global decreased 0.6 percent on Sep 4 and decreased 1.8 percent in the week. Japan’s Nikkei Average decreased 1.1 percent on Sep 4 and increased 1.4 percent in the week of Sep 4, as the yen continues oscillating and the stock market gains in expectations of success of fiscal stimulus by a new administration and monetary stimulus by a new board of the Bank of Japan. Shanghai Composite that decreased 1.0 percent on Mar 8 and decreased 1.7 percent in the week of Mar 8, falling below 2000 at 1974.38 on Mar 12, 2014 but closing at 3355.37 on Sep 4, 2020 for decrease of 0.9 percent and decreasing 1.4 percent in the week. The Shanghai Composite increased 69.9 percent from March 12, 2014 to Sep 4, 2020. There is deceleration with oscillations of the world economy that could affect corporate revenue and equity valuations, causing fluctuations in equity markets with increases during favorable risk appetite. The global hunt for yield induced by central bank policy rates of near zero percent motivates wide portfolio reshufflings among classes of risk financial assets.

Commodities were mixed in the week of Sep 4, 2020. Table III-1 shows that WTI decreased 7.4 percent in the week of Sep 4 while Brent decreased 6.9 percent in the week with turmoil in oil producing regions but oscillating action by OPEC now in negotiations with Russia. Gold decreased 0.2 percent on Sep 4 and decreased 2.1 percent in the week of Sep 4.

Table III-I, Weekly Financial Risk Aug 31 to Sep 4, 2020

Fri 28	Mon 31	Tue 01	Wed 02	Thu 03	Fri 04
USD/EUR 1.1907 -0.9% -0.7%	1.1937 -0.3% -0.3%	1.1913 -0.1% 0.2%	1.1857 0.4% 0.5%	1.1854 0.4% 0.0%	1.1841 0.6% 0.1%
JPY/ USD 105.37 0.4% 1.1%	105.90 -0.5% -0.5%	105.96 -0.6% -0.1%	106.18 -0.8% -0.2%	106.19 -0.8% 0.0%	106.24 -0.8% 0.0%
CHF/ USD 0.9041 0.8% 0.5%	0.9037 0.0% 0.0%	0.9093 -0.6% -0.6%	0.9108 -0.7% -0.2%	0.9093 -0.6% 0.2%	0.9135 -1.0% -0.5%
CHF/EUR 1.0766 -0.1% -0.2%	1.0790 -0.2% -0.2%	1.0838 -0.7% -0.4%	1.0799 -0.3% 0.4%	1.0778 -0.1% 0.2%	1.0814 -0.4% -0.3%
USD/ AUD 0.7365 1.3578 2.8% 1.4%	0.7376 1.3557 0.2% 0.2%	0.7374 1.3561 0.1% 0.0%	0.7338 1.3628 -0.4% -0.5%	0.7275 1.3746 -1.2% -0.9%	0.7283 1.3731 -1.1% 0.1%
10Y Note 0.733	0.702	0.673	0.646	0.618	0.722
2Y Note 0.156	0.129	0.117	0.137	0.125	0.161
German Bond 2Y -0.66 10Y-0.41	2Y -0.65 10Y -0.39	2Y -0.67 10Y -0.41	2Y -0.69 10Y -0.47	2Y -0.71 10Y -0.49	2Y -0.70 10Y-0.47
DJIA 28653.87 2.6% 0.6%	28430.05 -0.8% -0.8%	28645.66 0.0% 0.8%	29100.50 1.6% 1.6%	28292.73 -1.3% -2.8%	28133.31 -1.8% -0.6%
Dow Global 3111.97 2.8% 0.6%	3095.82 -0.5% -0.5%	3103.42 -0.3% 0.2%	3129.26 0.6% 0.8%	3075.06 -1.2% -1.7%	3055.14 -1.8% -0.6%
DJ Asia Pacific NA	NA	NA	NA	NA	NA
Nikkei 22882.65 -0.2% -1.4%	23139.76 1.1% 1.1%	23138.07 1.1% 0.0%	23247.15 1.6% 0.5%	23465.53 2.5% 0.9%	23205.43 1.4% -1.1%
Shanghai 3403.81 0.7% 1.6%	3395.68 -0.2% -0.2%	3410.61 0.2% 0.4%	3404.80 0.0% -0.2%	3384.98 -0.6% -0.6%	3355.37 -1.4% -0.9%
DAX 13033.20 2.1% -0.5%	12945.38 -0.7% -0.7%	12974.25 -0.5% 0.2%	13243.43 1.6% 2.1%	13057.77 0.2% -1.4%	12842.66 -1.5% -1.6%
BOVESPA 102142.93 0.6% 1.5%	99369.15 -2.7% -2.7%	102167.65 0.0% 2.8%	101911.13 -0.2% -0.3%	100721.36 -1.4% -1.2%	101241.73 -0.9% 0.5%
DJ UBS Comm. NA	NA	NA	NA	NA	NA
WTI $/B 42.97 1.5% -0.2%	42.61 -0.8% -0.8%	42.76 -0.5% 0.4%	41.51 -3.4% -2.9%	41.37 -3.7% -0.3%	39.77 -7.4% -3.9%
Brent $/B 45.81 3.3% 0.5%	45.28 -1.2% -1.2%	45.58 -0.5% 0.7%	44.43 -3.0% -2.5%	44.07 -3.8% -0.8%	42.66 -6.9% -3.2%
Gold 1974.9 1.4% 2.2%	1978.6 0.2% 0.2%	1978.9 0.2% 0.0%	1944.7 -1.5% -1.7%	1937.8 -1.9% -0.4%	1934.3 -2.1% -0.2%

Note: USD: US dollar; JPY: Japanese Yen; CHF: Swiss

Franc; AUD: Australian dollar; Comm.: commodities; OZ: ounce

Sources: http://professional.wsj.com/mdc/page/marketsdata.html?mod=WSJ_hps_marketdata

 

Chart III-1C provides the yields of the ten-year, two-year, one-month Treasury Constant Maturity, and the overnight Fed funds rate from Jan 2, 1962 to Sep 3, 2020. The final data point is for Sep 3, 2020 with the Fed funds rate at 0.09 percent, the one-month Treasury constant

maturity at 0.10 percent, the two-year at 0.13 percent and the ten-year at 0.63 percent. The causes of the financial crisis and global recession were interest rate and housing subsidies and affordability policies that encouraged high leverage and risks, low liquidity and unsound credit (Pelaez and Pelaez, Financial Regulation after the Global Recession (2009a), 157-66, Regulation of Banks and Finance (2009b), 217-27, International Financial Architecture (2005), 15-18, The Global Recession Risk (2007), 221-5, Globalization and the State Vol. II (2008b), 197-213, Government Intervention in Globalization (2008c), 182-4). Several past comments of this blog elaborate on these arguments, among which: http://cmpassocregulationblog.blogspot.com/2011/07/causes-of-2007-creditdollar-crisis.html http://cmpassocregulationblog.blogspot.com/2011/01/professor-mckinnons-bubble-economy.html http://cmpassocregulationblog.blogspot.com/2011/01/world-inflation-quantitative-easing.html http://cmpassocregulationblog.blogspot.com/2011/01/treasury-yields-valuation-of-risk.html http://cmpassocregulationblog.blogspot.com/2010/11/quantitative-easing-theory-evidence-and.html http://cmpassocregulationblog.blogspot.com/2010/12/is-fed-printing-money-what-are.html Gradual unwinding of 1 percent fed funds rates from Jun 2003 to Jun 2004 by seventeen consecutive increases of 25 percentage points from Jun 2004 to Jun 2006 to reach 5.25 percent caused default of subprime mortgages and adjustable-rate mortgages linked to the overnight fed funds rate. The zero-interest rate has penalized liquidity and increased risks by inducing carry trades from zero interest rates to speculative positions in risk financial assets. There is no exit from zero interest rates without provoking another financial crash. The yields of Treasury securities inverted on Mar 22, 2019 with the ten-year yield at 2.44 percent below those of 2.49 percent for one-month, 2.48 percent for two months, 2.46 percent for three months, 2.48 percent for six months and 2.45 percent for one year (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield). There was some flattening on Mar 29, 2019, with the 10-year at 2.41 percent, the 1-month at 2.43 percent, the 3-month at 2.40 percent, the 6-month at 2.44 percent and the 1-year at 2.40 percent. There was further mild steepening on Apr 12, 2019, with the 10-year at 2.568 percent, the 1-month at 2.419 percent, the 3-month at 2.440 percent, the 6-month at 2.463 percent and the 1-year at 2.453 percent. The final segment after 2001 shows the effects of unconventional monetary policy of extremely low, below inflation fed funds rate in lowering yields. This was an important cause of the global recession and financial crisis inducing as analyzed by Taylor (2018Oct 19, 2) “search for yield, excessive risk taking, a boom and bust in the housing market, and eventually the financial crisis and recession.” Monetary policy deviated from the Taylor Rule (Taylor 2018Oct19 see Taylor 1993, 1997, 1998LB, 1999, 2012FP, 2012Mar27, 2012Mar28, 2012JMCB, 2019Oct19 and  http://cmpassocregulationblog.blogspot.com/2017/01/rules-versus-discretionary-authorities.html http://cmpassocregulationblog.blogspot.com/2012/06/rules-versus-discretionary-authorities.html)). An explanation is in the research of Adrian, Estrella and Shin (2018, 21-22): “Our findings suggest that the monetary tightening of 2004-2006 period ultimately did achieve a slowdown in real activity not because of its impact on the level of longer term interest rates, but rather because of its impact on the slope of the yield curve. In fact, while the level of the 10-year yield only increased 38 basis points between June 2004 and 2006, the term spread declined 325 basis points (from 3.44 to .19 percent). The fact that the slope flattened meant that intermediary profitability was compressed, thus shifting the supply of credit, and hence inducing changes in real activity. The 18 month lag between the end of the tightening cycle, and the beginning of the recession is perfectly compatible with effective monetary tightening.” See (https://www.newyorkfed.org/research/capital_markets/ycfaq.html). A major difference in the current cycle is the balance sheet of the Fed with purchases used to lower interest rates in specific segments and maturities such as mortgage-backed securities and longer terms.

Chart III-1C, Yield US Ten-Year, Two-Year and One-Month Treasury Constant Maturity Yields and Overnight Fed Funds Rate, Jan 3, 1962-Sep 3, 2020

Note: US Recessions in shaded areas

Source: Board of Governors of the Federal Reserve System

https://www.federalreserve.gov/releases/h15/

 

The carry trade from zero interest rates to leveraged positions in risk financial assets had proved strongest for commodity exposures but US equities have regained leadership. On Aug 27, 2020, the Federal Open Market Committee changed its Longer-Run Goals and Monetary Policy Strategy, including the following (https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy.htm): “The Committee judges that longer-term inflation expectations that are well anchored at 2 percent foster price stability and moderate long-term interest rates and enhance the Committee's ability to promote maximum employment in the face of significant economic disturbances. In order to anchor longer-term inflation expectations at this level, the Committee seeks to achieve inflation that averages 2 percent over time, and therefore judges that, following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time.” The new policy can affect relative exchange rates depending on relative inflation rates and country risk issues. The DJIA has increased 190.4 percent since the trough of the sovereign debt crisis in Europe on Jul 16, 2010 to Sep 4, 2020; S&P 500 has gained 235.1 percent and DAX 126.5 percent. Before the current round of risk aversion, almost all assets in the column “∆% Trough to 09/04/20” in Table VI-4 had double digit gains relative to the trough around Jul 2, 2010 followed by negative performance but now some valuations of equity indexes show varying behavior. China’s Shanghai Composite is 40.8 percent above the trough.  Japan’s Nikkei Average is 163.0 percent above the trough. Dow Global is 79.4 percent above the trough. STOXX 50 of 50 blue-chip European equities (https://www.stoxx.com/index-details?symbol=sx5E) is 27.5 percent above the trough. NYSE Financial Index is 68.9 percent above the trough. DAX index of German equities (http://www.bloomberg.com/quote/DAX:IND) is 126.5 percent above the trough. Japan’s Nikkei Average is 163.0 percent above the trough on Aug 31, 2010 and 103.7 percent above the peak on Apr 5, 2010. The Nikkei Average closed at 23,205.43 on Aug 4, 2020 (http://professional.wsj.com/mdc/public/page/marketsdata.html?mod=WSJ_PRO_hps_marketdata), which is 126.3 percent higher than 10,254.43 on Mar 11, 2011, on the date of the Tōhoku or Great East Japan Earthquake/tsunami. Global risk aversion erased the earlier gains of the Nikkei. The dollar appreciated 0.7 percent relative to the euro. The dollar devalued before the new bout of sovereign risk issues in Europe. The column “∆% week to 09/04/20” in Table VI-4 shows decrease of 1.4 percent for China’s Shanghai Composite. The Nikkei increased 1.4 percent. NYSE Financial decreased 1.4 percent in the week. Dow Global decreased 1.8 percent in the week of Sep 4, 2020. The DJIA decreased 1.8 percent and S&P 500 decreased 2.3 percent. DAX of Germany decreased 1.5 percent. STOXX 50 decreased 1.6 percent. The USD appreciated 0.6 percent. There are still high uncertainties on European sovereign risks and banking soundness, US and world growth slowdown and China’s growth tradeoffs. Sovereign problems in the “periphery” of Europe and fears of slower growth in Asia and the US cause risk aversion with trading caution instead of more aggressive risk exposures. There is a fundamental change in Table VI-4 from the relatively upward trend with oscillations since the sovereign risk event of Apr-Jul 2010. Performance is best assessed in the column “∆% Peak to 09/04/20” that provides the percentage change from the peak in Apr 2010 before the sovereign risk event to Sep 4, 2020. Most risk financial assets had gained not only relative to the trough as shown in column “∆% Trough to 09/04/20” but also relative to the peak in column “∆% Peak to 09/04/20.” There are now several equity indexes above the peak in Table VI-4: DJIA 151.1 percent, S&P 500 181.5 percent, DAX 102.8 percent, Dow Global 46.4 percent, NYSE Financial Index (https://www.nyse.com/quote/index/NYK.ID) 34.6 percent and Nikkei Average 103.7 percent. STOXX 50 is 8.0 percent above the peak. Shanghai Composite is 6.0 percent above the peak. The Shanghai Composite increased 69.9 percent from March 12, 2014, to Sep 4, 2020. The US dollar strengthened 21.7 percent relative to the peak. The factors of risk aversion have adversely affected the performance of risk financial assets. The performance relative to the peak in Apr 2010 is more important than the performance relative to the trough around early Jul 2010 because improvement could signal that conditions have returned to normal levels before European sovereign doubts in Apr 2010.

Table VI-4, Stock Indexes, Commodities, Dollar and Ten-Year Treasury  

	Peak	Trough	∆% to Trough	∆% Peak to 09/04/ /20	∆% Week 09/04/20	∆% Trough to 09/04/ 20
DJIA	4/26/ 10	7/2/10	-13.6	151.1	-1.8	190.4
S&P 500	4/23/ 10	7/20/ 10	-16.0	181.5	-2.3	235.1
NYSE Finance	4/15/ 10	7/2/10	-20.3	34.6	-1.4	68.9
Dow Global	4/15/ 10	7/2/10	-18.4	46.4	-1.8	79.4
Asia Pacific	4/15/ 10	7/2/10	-12.5	NA	NA	NA
Japan Nikkei Aver.	4/05/ 10	8/31/ 10	-22.5	103.7	1.4	163.0
China Shang.	4/15/ 10	7/02 /10	-24.7	6.0	-1.4	40.8
STOXX 50	4/15/10	7/2/10	-15.3	8.0	-1.6	27.5
DAX	4/26/ 10	5/25/ 10	-10.5	102.8	-1.5	126.5
Dollar Euro	11/25 2009	6/7 2010	21.2	21.7	0.6	0.7
DJ UBS Comm.	1/6/ 10	7/2/10	-14.5	NA	NA	NA
10-Year T Note	4/5/ 10	4/6/10	3.986	2.784	2.658	0.722

T: trough; Dollar: positive sign appreciation relative to euro (less dollars paid per euro), negative sign depreciation relative to euro (more dollars paid per euro)

Source: http://professional.wsj.com/mdc/page/marketsdata.html?mod=WSJ_hps_marketdata

 

Bernanke (2010WP) and Yellen (2011AS) reveal the emphasis of monetary policy on the impact of the rise of stock market valuations in stimulating consumption by wealth effects on household confidence. Table VI-5 shows a gain by Apr 29, 2011 in the DJIA of 14.3 percent and of the S&P 500 of 12.5 percent since Apr 26, 2010, around the time when sovereign risk issues in Europe began to be acknowledged in financial risk asset valuations. The last row of Table VI-5 for Sep 4, 2020 shows that the S&P 500 is now 182.7 percent above the Apr 26, 2010 level and the DJIA is 151.1 percent above the level on Apr 26, 2010. Multiple rounds of risk aversion eroded earlier gains, showing that risk aversion can destroy market value even with zero interest rates. Relaxed risk aversion has contributed to recovery of valuations. Much the same as zero interest rates and quantitative easing have not had any effects in recovering economic activity while distorting financial markets and resources.

Table VI-5, Percentage Changes of DJIA and S&P 500 in Selected Dates

	∆% DJIA from prior date	∆% DJIA from Apr 26 2010	∆% S&P 500 from prior date	∆% S&P 500 from Apr 26 2010
Apr 26, 2010
May 06/10	-6.1	-6.1	-6.9	-6.9
May 26/10	-5.2	-10.9	-5.4	-11.9
Jun 08/10	-1.2	-11.3	2.1	-12.4
Jul 02/10	-2.6	-13.6	-3.8	-15.7
Aug 09/10	10.5	-4.3	10.3	-7.0
Aug 31/10	-6.4	-10.6	-6.9	-13.4
Nov 5/10	14.2	2.1	16.8	1.0
Nov 30/10	-3.8	-3.8	-3.7	-2.6
Dec 17/10	4.4	2.5	5.3	2.6
Dec 23/10	0.7	3.3	1.0	3.7
Dec 31/10	0.03	3.3	0.0	3.8
Jan 7, 2011	0.8	4.2	1.1	4.9
Jan 14/11	0.9	5.2	1.7	6.7
Jan 21/11	0.7	5.9	-0.8	5.9
Jan 28/11	-0.4	5.5	-0.5	5.3
Feb 04/11	2.3	7.9	2.7	8.1
Feb 11/11	1.5	9.5	1.4	9.7
Feb 18/11	0.9	10.6	1.0	10.8
Feb 25/11	-2.1	8.3	-1.7	8.9
Mar 4/11	0.3	8.6	0.1	9.0
Mar 11/11	-1.0	7.5	-1.3	7.6
Mar 18/11	-1.5	5.8	-1.9	5.5
Mar 25/11	3.1	9.1	2.7	8.4
Apr 01/11	1.3	10.5	1.4	9.9
Apr 08/11	0.03	10.5	-0.3	9.6
Apr 15/11	-0.3	10.1	-0.6	8.9
Apr 22/11	1.3	11.6	1.3	10.3
Apr 29/11	2.4	14.3	1.9	12.5
May 06/11	-1.3	12.8	-1.7	10.6
May 13/11	-0.3	12.4	-0.2	10.4
May 20/11	-0.7	11.7	-0.3	10.0
May 27/11	-0.6	11.0	-0.2	9.8
Jun 03/11	-2.3	8.4	-2.3	7.3
Jun 10/11	-1.6	6.7	-2.2	4.9
Jun 17/11	0.4	7.1	0.04	4.9
Jun 24/11	-0.6	6.5	-0.2	4.6
Jul 01/11	5.4	12.3	5.6	10.5
Jul 08/11	0.6	12.9	0.3	10.9
Jul 15/11	-1.4	11.4	-2.1	8.6
Jul 22/11	1.6	13.2	2.2	10.9
Jul 29/11	-4.2	8.4	-3.9	6.6
Aug 05/11	-5.8	2.1	-7.2	-1.0
Aug 12/11	-1.5	0.6	-1.7	-2.7
Aug 19/11	-4.0	-3.5	-4.7	-7.3
Aug 26/11	4.3	0.7	4.7	-2.9
Sep 02/11	-0.4	0.3	-0.2	-3.1
Sep 09/11	-2.2	-1.9	-1.7	-4.8
Sep 16/11	4.7	2.7	5.4	0.3
Sep 23/11	-6.4	-3.9	-6.5	-6.2
Sep 30/11	1.3	-2.6	-0.4	-6.7
Oct 7/11	1.7	-0.9	2.1	-4.7
Oct 14/11	4.9	3.9	5.9	1.0
Oct 21/11	1.4	5.4	1.1	2.2
Oct 28/11	3.6	9.2	3.8	6.0
Nov 04/11	-2.0	6.9	-2.5	3.4
Nov 11/11	1.4	8.5	0.8	4.3
Nov 18/11	-2.9	5.3	-3.8	0.3
Nov 25/11	-4.8	0.2	-4.7	-4.4
Dec 02/11	7.0	7.3	7.4	2.7
Dec 09/11	1.4	8.7	0.9	3.6
Dec 16/11	-2.6	5.9	-2.8	0.6
Dec 23/11	3.6	9.7	3.7	4.4
Dec 30/11	-0.6	9.0	-0.6	3.8
Jan 06 2012	1.2	10.3	1.6	5.4
Jan 13/12	0.5	10.9	0.9	6.4
Jan 20/12	2.4	13.5	2.0	8.5
Jan 27/12	-0.5	13.0	0.1	8.6
Feb 3/12	1.6	14.8	2.2	11.0
Feb 10/12	-0.5	14.2	-0.2	10.8
Feb 17/12	1.2	15.6	1.4	12.3
Feb 24/12	0.3	15.9	0.3	12.7
Mar 2/12	0.0	15.8	0.3	13.0
Mar 9/12	-0.4	15.3	0.1	13.1
Mar 16/12	2.4	18.1	2.4	15.9
Mar 23/12	-1.1	16.7	-0.5	15.3
Mar 30/12	1.0	17.9	0.8	16.2
Apr 6/12	-1.1	16.6	-0.7	15.3
Apr 13/12	-1.6	14.7	-2.0	13.1
Apr 20/12	1.4	16.3	0.6	13.7
Apr 27/12	1.5	18.1	1.8	15.8
May 4/12	-1.4	16.4	-2.3	12.9
May 11/12	-1.7	14.4	-1.1	11.7
May 18/12	-3.5	10.4	-4.3	6.4
May 25/12	0.7	11.2	1.7	8.7
Jun 01/12	-2.7	8.2	-3.0	5.4
Jun 08/12	3.6	12.0	3.7	9.4
Jun 15/12	1.7	13.9	1.3	10.8
Jun 22/12	-1.0	12.8	-0.6	10.1
Jun 29/12	1.9	14.9	2.0	12.4
Jul 06/12	-0.8	14.0	-0.5	11.8
Jul 13/12	0.0	14.0	0.2	11.9
Jul 20/12	0.4	14.4	0.4	12.4
Jul 27/12	2.0	16.7	1.7	14.3
Aug 03/12	0.2	16.9	0.4	14.8
Aug 10/12	0.9	17.9	1.1	16.0
Aug 17/12	0.5	18.5	0.9	17.0
Aug 24/12	-0.9	17.4	-0.5	16.4
Aug 31/12	-0.5	16.8	-0.3	16.0
Sep 07/12	1.6	18.8	2.2	18.6
Sep 14/12	2.2	21.3	1.90	20.9
Sep 21/12	-0.1	21.2	-0.4	20.5
Sep 28/12	-1.0	19.9	-1.3	18.9
Oct 05/12	1.3	21.5	1.4	20.5
Oct 12/12	-2.1	18.9	-2.2	17.9
Oct 19/12	0.1	19.1	0.3	18.3
Oct 26/12	-1.8	17.0	-1.5	16.5
Nov 02/12	-0.1	16.9	0.2	16.7
Nov 09/12	-2.1	14.4	-2.4	13.8
Nov 16/12	-1.8	12.3	-1.4	12.2
Nov 23/12	3.3	16.1	3.6	16.3
Nov 30/12	0.1	16.2	0.5	16.8
Dec 07/12	1.0	17.4	0.1	17.0
Dec 14/12	-0.2	17.2	-0.3	16.6
Dec 21/12	0.4	17.7	1.2	18.0
Dec 28/12	-1.9	15.5	-1.9	15.7
Jan 04, 2013	3.8	19.9	4.6	21.0
Jan 11/13	0.4	20.4	0.4	21.5
Jan 18/13	1.2	21.8	0.9	22.6
Jan 25/13	1.8	24.0	1.1	24.0
Feb 01/13	0.8	25.0	0.7	24.8
Feb 08/13	-0.1	24.9	0.3	25.2
Feb 15/13	-0.1	24.8	0.1	25.4
Feb 22/13	0.1	24.9	-0.3	25.0
Mar 1/13	0.6	25.7	0.2	25.3
Mar 8/13	2.2	28.5	2.2	28.0
Mar 15/13	0.8	29.5	0.6	28.8
Mar 22/13	0.0	29.5	-0.2	28.5
Mar 29/13	0.5	30.1	0.8	29.5
Apr 05/13	-0.1	30.0	-1.0	28.2
Apr 12/13	2.1	32.7	2.3	31.1
Apr 19/13	-2.1	29.8	-2.1	28.3
Aug 26/13	1.1	31.3	1.7	30.5
May 03/13	1.8	33.6	2.0	33.2
May 10/13	1.0	34.9	1.2	34.8
May 17/13	1.6	37.0	2.1	37.6
May 24/13	-0.3	36.6	-1.1	36.1
May 31/13	-1.2	34.9	-1.1	34.5
Jun 07/13	0.9	36.1	0.8	35.6
Jun 14/13	-1.2	34.5	-0.9	34.4
Jun 21/13	-1.8	32.1	-2.2	31.4
Jun 28/13	0.7	33.1	0.9	32.5
Jul 05/13	1.5	35.1	1.6	34.6
Jul 12/13	2.2	38.0	3.0	38.6
Jul 19/13	0.5	38.7	0.7	39.6
Jul 26/13	0.1	38.9	0.0	39.6
Aug 02/13	0.6	39.7	1.1	41.1
Aug 09/13	-1.5	37.7	-1.1	39.6
Aug 16/13	-2.2	34.6	-2.1	36.6
Aug 23/13	-0.5	34.0	0.5	37.2
Aug 30/13	-1.3	32.2	-1.8	34.7
Sep 06/13	0.8	33.2	1.4	36.6
Sep 13/13	3.0	37.2	2.0	39.3
Sep 20/13	0.5	37.9	1.3	41.1
Sep 27/13	-1.2	36.2	-1.1	39.6
Oct 04/13	-1.2	34.5	-0.1	39.5
Oct 11/13	1.1	36.0	0.8	40.5
Oct 18/13	1.1	37.4	2.4	43.9
Oct 25/13	1.1	39.0	0.9	45.2
Nov 01/13	0.3	39.4	0.1	45.3
Nov 08/13	0.9	40.7	0.5	46.1
Nov 15/13	1.3	42.5	1.6	48.4
Nov 22/13	0.6	43.4	0.4	48.9
Nov 29/13	0.1	43.6	0.1	49.0
Dec 06/13	-0.4	43.0	0.0	48.9
Dec 13/13	-1.7	40.6	-1.6	46.5
Dec 20/13	3.0	44.8	2.4	50.0
Dec 27/13	1.6	47.1	1.3	51.9
Jan 03, 2014	-0.1	47.0	-0.5	79.1
Jan 10/14	-0.2	46.7	0.6	52.0
Jan 17/14	0.1	46.9	-0.2	51.7
Jan 24/14	-3.5	41.7	-2.6	47.7
Jan 31/14	-1.1	40.1	-0.4	47.1
Feb 7/14	0.6	41.0	0.8	48.3
Feb 14/14	2.3	44.2	2.3	51.7
Feb 21/14	-0.3	43.7	-0.1	51.5
Feb 28/14	1.4	45.7	1.3	53.4
Mar 7/14	0.8	46.8	1.0	54.9
Mar 14/14	-2.4	43.4	-2.0	51.9
Mar 21/14	1.5	45.5	1.4	54.0
Mar 28/14	0.1	45.7	-0.5	53.3
Apr 04/14	0.5	46.5	0.4	53.9
Apr 11/14	-2.4	43.0	-2.6	49.8
Apr 17/14	2.4	46.4	2.7	53.9
Apr 25/14	-0.3	46.0	-0.1	53.7
May 02/14	0.9	47.4	1.0	55.2
May 09/14	0.4	48.0	-0.1	55.0
May 16, 14	-0.6	47.2	0.0	54.9
May 23, 14	0.7	48.2	1.2	56.8
May 30, 14	0.7	49.2	1.2	58.7
Jun 06, 14	1.2	51.0	1.3	60.8
Jun 13, 14	-0.9	49.7	-0.7	59.7
Jun 20, 14	1.0	51.2	1.4	61.9
Jun 27, 14	-0.6	50.4	-0.1	61.8
Jul 04, 14	1.3	52.3	1.2	63.8
Jul 11, 14	-0.7	51.2	-0.9	62.3
Jul 18, 14	0.9	52.6	0.5	63.2
Jul 25, 14	-0.8	51.4	0.0	63.2
Aug 1, 14	-2.8	47.2	-2.7	58.8
Aug 8, 14	0.4	47.7	0.3	59.4
Aug 15, 14	0.7	48.7	1.2	61.3
Aug 22, 14	2.0	51.7	1.7	64.1
Aug 29, 14	0.6	52.6	0.8	65.3
Sep 5, 14	0.2	52.9	0.2	65.6
Sep 12, 14	-0.9	51.6	-1.1	63.8
Sep 19, 14	1.7	54.2	1.3	65.9
Sep 26,14	-1.0	52.7	-1.4	63.6
Oct 3, 14	-0.6	51.8	-0.8	62.4
Oct 10, 14	-2.7	47.6	-3.1	57.3
Oct 17, 14	-1.0	46.2	-1.0	55.7
Oct 24, 14	2.6	50.0	4.1	62.1
Oct 31, 14	3.5	55.2	2.7	66.5
Nov 7, 14	1.1	56.8	0.7	67.6
Nov 14, 14	0.3	57.4	0.4	68.3
Nov 21,14	1.0	58.9	1.2	70.2
Nov 28, 14	0.1	59.1	0.2	70.6
Dec 5, 14	0.7	60.3	0.4	71.2
Dec 12, 14	-3.8	54.2	-3.5	65.2
Dec 19, 14	3.0	58.9	3.4	70.8
Dec 26, 14	1.4	61.1	0.9	72.3
Jan 02, 2015	-1.2	59.2	-1.5	69.8
Jan 09, 15	-0.5	58.3	-0.7	68.7
Jan 16, 15	-1.3	56.3	-1.2	66.6
Jan 23, 15	0.9	57.7	1.6	69.3
Jan 30, 15	-2.9	53.2	-2.8	64.6
Feb 06, 15	3.8	59.1	3.0	69.6
Feb 13, 15	1.1	60.8	2.0	73.0
Feb 20, 15	0.7	61.9	0.6	74.1
Feb 27, 15	0.0	61.8	-0.3	73.6
Feb 6, 15	-1.5	59.4	-1.6	70.9
Feb 13 15	-0.6	58.4	-0.9	69.4
Feb 20, 15	2.1	61.8	2.7	73.9
Feb 27, 15	-2.3	58.1	-2.2	70.0
Apr 03, 15	0.3	58.5	0.3	70.5
Apr 10, 15	1.7	61.2	1.7	73.4
Apr 17, 15	-1.3	59.1	-1.0	71.7
Apr 24, 2015	1.4	61.4	1.8	74.7
May 1, 2015	-0.3	60.9	-0.4	73.9
May 8, 2015	0.9	62.3	0.4	74.6
May 15, 2015	0.4	63.1	0.3	75.1
May 22, 2015	-0.2	62.7	0.2	75.4
May 29, 2015	-1.2	60.7	-0.9	73.9
Jun 5, 2015	-0.9	59.3	-0.7	72.7
Jun 12, 2015	0.3	59.7	0.1	72.8
Jun 19, 2015	0.7	60.8	0.8	74.1
Jun 26, 2015	-0.4	60.2	-0.4	73.4
Jul 3, 2015	-1.2	58.2	-1.2	71.3
Jul 10, 2015	0.2	58.5	0.0	71.3
Jul 17, 2015	1.8	61.4	2.4	75.5
Jul 24, 2015	-2.9	56.8	-2.2	71.6
Jul 31, 2015	0.7	57.9	1.2	73.6
Aug 7, 2015	-1.8	55.0	-1.2	71.4
Aug 14, 2015	0.6	56.0	0.7	72.6
Aug 21, 2015	-5.8	46.9	-5.8	62.6
Aug 28, 2015	1.1	48.5	0.9	64.1
Sep 4, 2015	-3.2	43.7	-3.4	58.5
Sep 11, 2015	2.1	46.7	2.1	61.8
Sep 18, 2015	-0.3	46.2	-0.2	61.5
Sep 25, 2015	-0.4	45.6	-1.4	59.3
Oct 2, 2015	1.0	47.0	1.0	70.1
Oct 9, 2015	3.7	52.5	3.3	66.2
Oct 16, 2015	0.8	53.6	0.9	67.7
Oct 23, 2015	2.5	57.5	2.1	71.2
Oct 30, 2015	0.1	57.6	0.2	71.6
Nov 6, 2015	0.4	59.8	1.0	73.2
Nov 13, 2015	-3.7	53.9	-3.6	66.9
Nov 20, 2015	3.4	59.1	3.3	72.4
Nov 27, 2015	-0.1	58.8	0.0	72.4
Dec 4, 2015	0.3	59.3	0.1	72.6
Dec 11, 2015	-3.3	54.1	-3.8	66.0
Dec 18, 2015	-0.8	52.9	-0.3	65.5
Dec 23, 2015	2.5	56.6	2.8	70.0
Dec 31, 2015	-0.7	55.5	-0.8	68.6
Jan 08, 2016	-6.2	45.9	-6.0	58.6
Jan 15, 2016	-2.2	42.7	-2.2	55.1
Jan 22, 2016	0.7	43.6	1.4	57.3
Jan 29, 2016	2.3	47.0	1.7	60.1
Feb 05, 2016	-1.6	44.6	-3.1	55.1
Feb 12, 2016	-1.4	42.6	-0.8	53.9
Feb 19, 2016	2.6	46.3	2.8	58.2
Feb 26, 2016	1.5	48.5	1.6	60.7
Mar 04, 2016	2.2	51.8	2.7	65.0
Mar 11, 2016	1.2	53.6	1.1	66.8
Mar 18, 2016	2.3	57.1	1.4	69.1
Mar 25, 2016	-0.5	56.3	-0.7	68.0
Apr 01, 2016	1.6	58.8	1.8	71.0
Apr 08, 2016	-1.2	56.9	-1.2	68.9
Apr 15, 2016	1.8	59.7	1.6	71.7
Apr 22, 2016	0.6	60.7	0.5	72.6
Apr 29, 2016	-1.3	58.6	-1.3	70.4
May 6, 2016	-0.2	58.3	-0.4	69.7
May 13, 2016	-1.2	56.5	-0.5	68.9
May 20, 2016	-0.2	56.2	0.3	69.3
May 27, 2016	2.1	59.5	2.3	73.2
Jun 03, 2016	-0.4	58.9	0.0	73.2
Jun 10, 2016	0.3	59.4	-0.1	72.9
Jun 17, 2016	-1.1	57.7	-1.2	70.9
Jun 24, 2016	-1.6	55.3	-1.6	68.1
Jul 01, 2016	3.2	60.2	3.2	73.5
Jul 08, 2016	1.1	62.0	1.3	75.7
Jul 15, 2016	2.0	65.3	1.5	78.4
Jul 22, 2016	0.3	65.7	0.6	79.5
Jul 29, 2016	-0.7	64.5	-0.1	79.3
Aug 05, 2016	0.6	65.5	0.4	80.1
Aug 12, 2016	0.2	65.8	0.1	80.2
Aug 19, 2016	-0.1	65.6	0.0	80.2
Aug 26, 2016	-0.8	64.2	-0.7	79.0
Sep 02, 2016	0.5	65.0	0.5	79.9
Sep 09, 2016	-2.2	61.4	-2.4	75.6
Sep 16, 2016	0.2	61.7	0.5	76.5
Sep 23, 2016	0.8	63.0	1.2	78.6
Sep 30, 2016	0.3	63.4	0.2	78.9
Oct 07, 2016	-0.4	62.8	-0.7	77.7
Oct 14, 2016	-0.6	61.9	-1.0	76.0
Oct 21, 2016	0.0	61.9	0.4	87.3
Oct 28, 2016	0.1	62.1	-0.7	75.4
Nov 04, 2016	-1.5	59.6	-1.9	72.0
Nov 11, 2016	5.4	68.2	3.8	78.6
Nov 18, 2016	0.1	68.4	0.8	94.8
Nov 25, 2016	1.5	70.9	1.4	82.6
Dec 02, 2016	0.1	71.1	-1.0	80.8
Dec 09, 2016	3.1	76.3	3.1	86.4
Dec 16, 2016	0.4	77.1	-0.1	86.3
Dec 23, 2016	0.5	77.9	0.3	86.8
Dec 30, 2016	-0.9	76.4	-1.1	84.7
Jan 06, 2017	1.0	78.2	1.7	87.9
Jan 13, 2017	-0.4	77.5	-0.1	87.7
Jan 20, 2017	-0.3	76.9	-0.1	122.1
Jan 27, 2017	1.3	79.3	1.0	89.3
Feb 03, 2017	-0.1	79.1	0.1	89.5
Feb 10, 2017	1.0	80.9	0.8	91.1
Feb 17, 2017	1.7	84.1	1.5	94.0
Feb 24, 2017	1.0	85.8	0.7	95.3
Mar 03, 2017	0.9	87.5	0.7	96.6
Mar 10, 2017	-0.5	86.5	-0.4	95.8
Mar 17, 2017	0.1	86.7	0.2	96.2
Mar 24, 2017	-1.5	83.8	-1.4	93.4
Mar 31, 2017	0.3	84.4	0.8	94.9
Apr 07, 2017	0.0	84.3	-0.3	94.3
Apr 14, 2017	-1.0	82.5	-1.1	92.1
Apr 21, 2017	0.5	83.4	0.8	93.8
Apr 28, 2017	1.9	86.9	1.5	96.7
May 05, 2017	0.3	87.5	0.6	98.0
May 12, 2017	-0.5	86.5	-0.3	97.3
Mar 19, 2017	-0.4	85.7	-0.4	96.5
Mar 26, 2017	1.3	88.1	1.4	99.3
Jun 02, 2017	0.6	89.3	1.0	101.2
Jun 09, 2017	0.3	89.8	-0.3	100.6
Jun 16, 2017	0.5	90.8	0.1	100.7
Jun 23, 2017	0.0	90.9	0.2	101.2
Jun 30, 2017	-0.2	90.5	-0.6	99.9
Jul 07, 2017	0.3	91.1	0.1	100.1
Jul 14, 2017	1.0	93.1	1.4	102.9
Jul 21, 2017	-0.3	92.6	0.5	104.0
Jul 28, 2017	1.2	94.8	0.0	104.0
Aug 04, 2017	1.2	97.2	0.2	104.4
Aug 11. 2017	-1.1	95.1	-1.4	101.4
Aug 18, 2017	-0.8	93.4	-0.6	100.1
Aug 25, 2017	0.6	94.7	0.7	101.6
Sep 01, 2017	0.8	96.2	1.4	104.3
Sep 08, 2017	-0.9	94.5	-0.6	103.1
Sep 15, 2017	2.2	98.7	1.6	106.3
Sep 22, 2017	0.4	99.5	0.1	106.4
Sep 29, 2017	0.2	100.0	0.7	107.9
Oct 06, 2017	1.6	103.2	1.2	110.3
Oct 13, 2017	0.4	104.1	0.2	110.6
Oct 20, 2017	2.0	108.2	0.9	112.5
Oct 27, 2017	0.5	109.1	0.2	113.0
Nov 03, 2017	0.4	110.1	0.3	113.5
Nov 10, 2017	-0.5	109.0	-0.2	113.1
Nov 17, 2017	-0.3	108.5	-0.1	112.8
Nov 24, 2017	0.9	110.2	0.9	114.7
Dec 01, 2017	2.9	116.3	1.5	118.0
Dec 08, 2017	0.4	117.1	0.4	118.8
Dec 15, 2017	1.3	120.0	0.9	120.8
Dec 22, 2017	0.4	120.9	0.3	121.4
Dec 29, 2017	-0.1	120.6	-0.4	120.6
Jan 05, 2018	2.3	125.8	2.6	126.3
Jan 12, 2018	2.0	130.3	1.6	129.9
Jan 19, 2018	1.0	132.7	0.9	131.9
Jan 26, 2018	2.1	137.5	2.2	137.0
Feb 02, 2018	-4.1	127.8	-3.9	127.9
Feb 09, 2018	-5.2	115.9	-5.2	116.1
Feb 16, 2018	4.3	125.1	4.3	125.4
Feb 23, 2018	0.4	125.9	0.6	126.7
Mar 02, 2018	-3.0	119.0	-2.0	122.0
Mar 09, 2018	3.3	126.1	3.5	129.9
Mar 16, 2018	-1.5	122.6	-1.2	127.1
Mar 23, 2018	-5.7	110.0	-6.0	113.5
Mar 30, 2018	2.4	115.1	2.0	117.9
Apr 06, 2018	-0.7	113.6	-1.4	114.9
Apr 13, 2018	1.8	117.4	2.0	119.2
Apr 20, 2018	0.4	118.3	0.5	120.3
Apr 27, 2018	-0.6	117.0	0.0	120.3
May 04, 2018	-0.2	116.5	-0.2	119.7
May 11, 2018	2.3	121.6	2.4	125.1
May 18, 2018	-0.5	120.6	-0.5	123.8
May 25, 2018	0.2	120.9	0.3	124.5
Jun 01, 2018	-0.5	119.9	0.5	125.6
Jun 08, 2018	2.8	125.9	2.4	130.9
Jun 15, 2018	-0.9	123.9	-0.7	129.3
Jun 22, 2018	-2.0	119.4	-0.9	127.3
Jun 29, 2018	-1.3	116.6	-1.3	124.3
Jul 06, 2018	0.8	118.3	1.5	127.7
Jul 13, 2018	2.3	123.3	1.5	131.1
Jul 20, 2018	0.2	123.6	0.0	131.2
Jul 27, 2018	1.6	127.1	0.6	132.6
Aug 03, 2018	0.0	127.2	0.8	134.3
Aug 10, 2018	-0.6	125.9	-0.2	133.8
Aug 17, 2018	1.4	129.1	0.6	135.1
Aug 24, 2018	0.5	130.2	0.9	137.2
Aug 31, 2018	0.7	131.7	0.9	139.4
Sep 07, 2018	-0.2	131.3	-1.0	136.9
Sep 14, 2018	0.9	133.4	1.2	139.7
Sep 21, 2018	2.3	138.7	0.8	141.7
Sep 28, 2018	-1.1	136.1	-0.5	140.4
Oct 05, 2018	0.0	136.0	-1.0	138.1
Oct 12, 2018	-4.2	126.1	-4.1	128.3
Oct 19, 2018	0.4	127.1	0.0	128.4
Oct 26, 2018	-3.0	120.3	-3.9	119.4
Nov 02, 2018	2.4	125.5	2.4	124.7
Nov 09, 2018	2.8	131.9	2.1	129.4
Nov 16, 2018	-2.2	126.8	-1.6	125.8
Nov 23, 2018	-4.4	116.7	-3.8	117.2
Nov 30, 2018	5.2	127.9	4.8	127.7
Dec 07, 2018	-4.5	117.7	-4.6	117.2
Dec 14, 2018	-1.2	115.1	-1.3	114.5
Dec 21, 2018	-6.9	100.3	-7.1	99.4
Dec 28, 2018	2.7	105.8	2.9	105.1
Jan 04, 2019	1.6	109.1	1.9	108.9
Jan 11, 2019	2.4	114.2	2.5	114.2
Jan 18, 2019	3.0	120.5	2.9	120.3
Jan 25, 2019	0.1	120.8	-0.2	119.9
Feb 01, 2019	1.3	123.7	1.6	123.3
Feb 08, 2019	0.2	124.1	0.0	123.4
Feb 15, 2019	3.1	131.0	2.5	129.0
Feb 22, 2019	0.6	132.3	0.6	130.4
Mar 01, 2019	0.0	132.3	0.4	131.3
Mar 08, 2019	-2.2	127.1	-2.2	126.3
Mar 15, 2019	1.6	130.7	2.9	132.9
Mar 22, 2019	-1.3	127.6	-0.8	131.1
Mar 29, 2019	1.7	131.4	1.2	133.9
Apr 05, 2019	1.9	135.8	2.1	138.7
Apr 12, 2019	0.0	135.7	0.5	139.9
Apr 19, 2019	0.6	137.0	-0.1	139.7
Apr 26, 2019	-0.1	136.9	1.2	142.6
May 03, 2019	-0.1	136.5	0.2	143.0
May 10, 2019	-2.1	131.5	-2.2	137.7
May 17, 2019	-0.7	129.9	-0.8	135.9
May 24, 2019	-0.7	128.3	-1.2	133.2
May 31, 2019	-3.0	121.5	-2.6	127.1
Jun 07, 2019	4.7	131.9	4.4	137.1
Jun 14, 2019	0.4	132.8	0.5	138.2
Jun 21, 2019	2.4	138.5	2.2	143.4
Jun 28, 2019	-0.4	137.4	-0.3	142.7
Jul 05, 2019	1.2	140.3	1.7	146.7
Jul 12, 2019	1.5	143.9	0.8	148.7
Jul 19, 2019	-0.7	142.3	-1.2	145.6
Jul 26, 2019	0.1	142.7	1.7	149.6
Aug 02, 2019	-2.6	136.4	-3.1	141.9
Aug 09, 2019	-0.7	134.6	-0.5	140.8
Aug 16, 2019	-1.5	131.0	-1.0	138.3
Aug 23, 2019	-1.0	128.7	-1.4	134.9
Aug 30, 2019	3.0	135.6	2.8	141.4
Sep 06, 2019	1.5	139.2	1.8	145.8
Sep 13, 2019	1.6	142.9	1.0	148.1
Sep 20, 2019	-1.0	140.4	-0.5	146.9
Sep 27, 2019	-0.4	139.4	-1.0	144.4
Oct 04, 2019	-0.9	137.2	-0.3	143.6
Oct 11, 2019	0.9	139.3	0.6	145.1
Oct 18, 2019	-0.2	138.9	0.5	146.4
Oct 25, 2019	0.7	140.6	1.2	149.4
Nov 01, 2019	1.4	144.1	1.5	153.0
Nov 08, 2019	1.2	147.0	0.9	155.2
Nov 15, 2019	1.2	149.9	0.9	157.5
Nov 22, 2019	-0.5	148.8	-0.3	156.6
Nov 29, 2019	0.6	150.3	1.0	159.1
Dec 06, 2019	-0.1	150.0	0.2	159.6
Dec 13, 2019	0.4	151.1	0.7	161.4
Dec 20, 2019	1.1	153.9	1.7	165.8
Dec 27, 2019	0.7	155.6	0.6	167.3
Jan 03, 2020	0.0	155.6	-0.2	166.9
Jan 10, 2020	0.7	157.2	0.9	169.4
Jan 17, 2020	1.8	161.9	2.0	174.7
Jan 24, 2020	-1.2	158.7	-1.0	171.9
Jan 31, 2020	-2.5	152.2	-2.1	166.1
Feb 07, 2020	3.0	159.7	3.2	174.6
Feb 14, 2020	1.0	162.4	1.6	178.9
Feb 21, 2020	-1.4	158.7	-1.3	175.4
Feb 28, 2020	-12.4	126.8	-11.5	143.7
Mar 06, 2020	1.8	130.8	0.6	145.2
Mar 13, 2020	-10.4	106.9	-8.8	123.7
Mar 20, 2020	-17.3	71.1	-15.0	90.2
Mar 27, 2020	12.8	93.1	10.3	109.7
Apr 03, 2020	-2.7	87.9	-2.1	105.3
Apr 10, 2020	12.7	111.7	12.1	130.2
Apr 17, 2020	2.2	116.4	3.0	137.2
Apr 24, 2020	-1.9	112.2	-1.3	134.0
May 01, 2020	-0.2	111.7	-0.2	133.5
May 08, 2020	2.6	117.1	3.5	141.7
May 15, 2020	-2.7	111.4	-2.3	126.3
May 22, 2020	3.3	118.3	3.2	143.8
May 29, 2020	3.8	126.5	3.0	151.2
Jun 05, 2020	6.8	142.0	4.9	163.5
Jun 12, 2020	-5.6	128.5	-4.8	150.9
Jun 19, 2020	1.0	130.9	1.9	155.6
Jun 26, 2020	-3.3	123.3	-2.9	148.3
Jul 03, 2020	3.2	130.5	4.0	158.2
Jul 10, 2020	1.0	132.7	1.8	162.8
Jul 17, 2020	2.3	138.0	1.2	166.1
Jul 24, 2020	-0.8	136.2	-0.3	`65.3
Jul 31, 2020	-0.2	135.9	1.7	169.9
Aug 07, 2020	3.8	144.8	2.5	176.5
Aug 14, 2020	1.8	149.3	0.6	178.3
Aug 21, 2020	0.0	149.3	0.7	180.3
Aug 28, 2020	2.6	155.7	3.3	189.4
Sep 04, 2020	-1.8	151.1	-2.3	182.7

Source:

http://professional.wsj.com/mdc/public/page/mdc_us_stocks.html?mod=mdc_topnav_2_3014

 

© Carlos M. Pelaez, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020.