It is not often over the past year for the S&P 500 index to be in the red, let alone deep in the red in premarket trading. Perhaps hesitation over the US withdrawal from Afghanistan and virus concerns instigated negative price action.
However, just before noon EST, the index found support just above last Wednesday’s low (4430.25) only reaching 44332.50 and began a relentless move higher. Once the high off the open (4451.25) was breached the pace of the rally accelerated.
The index did pause at the former all-time high briefly, but buyers reemerged in the final hour pushing the index to a new all-time high by a nice marginn. At the close, the index was higher by 13.50 handles to close at 4474.
Apple Inc. (NASDAQ: AAPL) led the charge to upside. Similar to the index, the issue retreated in the morning and then blasted off. The issue was able to clear the massive sell orders at $150 and closed higher by $2.02 at 151.13. The second biggest component in the index, Microsoft (NASDAQ: MSFT) helped out adding $1.85 to close at a new all-time high of $294.60.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components falling $30 to $686.17 over concerns of its self-driving features. Profit-taking continued in the banking sector and “reopening” stocks were weak over the rise of cases of the Delta variant.
No stock of the day.