The momentum from Wednesday’s robust rally had strong follow through in today’s session. Premarket traders were aggressive buyers off the opening of the regular session and hardly let up going into the closing bell.
The index was firmly in the green at 8:30 AM EST and had another burst when it was announced that labor cost declined in October. That took the index beyond last week’s high and the pace of the rally accelerated.
Similar to the premarket session, the opening of the regular session marked the low for the day. After the index breached 4300, the bears made one weak attempt to incite a retreat to no avail.
When the index failed to reach the regular session low, the bulls became extremely aggressive. With six minutes remaining in the session, the index peaked at 4337.75 and did not pull back in the final few minutes.
The end result was a staggering gain of 79.75 handles at the closing price of 4335.75. That brings the four day total to nearly 200 handles.
Among the top components, Tesla Inc. (NASDAQ: TSLA) was the biggest winner. For the session, the issue added $12.85 or 6.24% at the closing price of $218.51.
That was over four percent better than the cash index’s advance of 1.89%.
Conversely, Meta Platforms Inc. (NASDAQ: META) was the only, and therefore the biggest loser of the top components. For the session, the issue declined $0.98 or 0.3% at the closing price of $310.87.