Stocks churn with the S&P 500 sitting at the same level it was two years ago

Whether Friday's sharper drop on a quarterly options-expiration day ahead of what is often the toughest part of the month for stocks reflects a loss of composure among investors is possible, but unknowable.

What's still clear is that the market has held in its 11-month uptrend and remains several percent above the level that would change that. The S & P 500 has held on to most of its first-half gains and has made a series of higher lows since mid-August.

Yet we've been here before, and indeed the national per-gallon price of gasoline was at current levels in the fall of 2014, and since then the average hourly wage for production and nonsupervisory workers has gone from $19 to $29.

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