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S p 500 down four out of the last five days following the last week weekly decline for the s p 500, the first time it happened in nine weeks. , we are seeingne it in stocks. In a small way. Uncertainty around tax reform and a massive move higher with some investors wondering whether valuation is justified. It has been a long time since a bigger pullback for the s p 500. This is 2622. The bars represent the degree of the move either up or down with the yellow line is one person up and one person down. In the 51st day without a greater than half a percent move down. Earlier, the s p 500 at the lows had been down a 10th of 1 but similar to yesterday, some of intraday volatility usually does lead to closing volatility. A good chart in the bloomberg that suggests we will see some more closing volatility for the major averages. , as is 8927, a highyield default swap index. That is insurance against the possibility that high yields issuances could default. It is used by sophisticated investor

New yorkUnited statesRepublic ofSteven piersonLovell minnickJohn chenFirst timeTax reformDay withoutRecord highHealth careLeader meetingFirst wordHouse democratsSteve cohensMajority democrats