While the bears came out on top on Wednesday, they were trampled in Thursday’s session. The modest premarket rally turned into a free for all to the upside once the weaker-than-expected Consumer Price Index for October was revealed at 8:30 AM EST.
Just as mega-cap technology stocks have kept a lid on the recent rally, the explosion of those issues led the rally. With those issues (Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., and Tesla Inc) far outpacing the index, it had no choice but to rocket higher.
The bears made one weak attempt to derail the rally off the open, but the brief decline found willing buyers well above the top of Wednesday’s range.
The biggest winner of the top components of the index was Nvidia Corp (NASDAQ: NVDA). The issue advanced by $19.74 or 14.3% for the session to close at $157.50.
That was almost triple over the cash index’s increase of 5.54%.
The biggest loser was the smallest winner, which was UnitedHealth Group Inc. (NYSE: UNH) The issue gained $3.51 or 0.65% for the session to close at $544.17.
The index posted a new closing high for the rebound by a wide margin. While the former one was 3911.25, the index lopped on 205.50 handles to close at 3961.00. Buyers could not be restrained in the after-hours as the 5:00 PM closing print was higher at 3973.