Welcome to 2022. In what has been an extremely rough start to the year, a day like today is considered a minor win for the bulls even though the index shed 31.25 handles to close at 3940.50.
It is a minor win for the bulls for a few different reasons. First of all, the low for the move (3807.50) was not even approached as the low for the session was 3872. Next, the index closed just off the session high which may attract some of the “buy the dip” crowd in the premarket session. Finally, the index is still on track to snap its seven-week losing streak as it is now green for the week by 41 handles.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest winner of the top components of the index. The issue extended its winning streak to four sessions by gaining $5.48 or 1.11 percent to close at $497.56.
That was over 2 percent better than the cash index’s decline of 0.79 percent.
Meta Platforms Inc. (NASDAQ: FB) fell victim to the social media chaos and was the biggest loser of the top components. On heavy volume, the issue declined by $14.95 or 7.6 percent to close at $181.28.