After Tuesday’s seesaw and volatile session and the weakness in the premarket trading in the S&P 500 index futures, it had all the makings for a bad day. However, as we have witnessed time and time again, the bulls came out victorious.
In the opening thirty minutes of the session, the bears pressed to breach Tuesday’s low (4649) but buyers stepped in at 4956.25 and the rally was on. Once the index stabilized at the 4670 area, the pace of the rally accelerated.
The rally matched Tuesday’s high, and then the release of the Federal Reserve minutes from its last meeting brought out some sellers. However, the bulls prevailed once again and the index grinded higher into the close. The index’s all-time closing high (4701.50) ended the rally, peaking at 4700.75, but was gunning for more in after-hours trading.
After being in the red by over 30 handles, the index finished in green by 10.25 handles to close at 4698.75 (the second-highest all-time closing price).
Nvidia Corp (NASDAQ: NVDA) snapped a two-day losing streak to be the biggest gainer of the top components. For the session, the issue added $9.28 or 2.9% to close at $326.74.
That was much better than the cash index’s gain of 0.23%.
JP Morgan Chase & Co (NYSE: JPM) took a breather from its robust two-day $8 rally and was the biggest loser of the top components. For the session, the issue declined $1.32 or 0.78% to close at $166.96.