After such a horrendous day, as the one we had on Tuesday, there is always the chance of major follow-through the following day. The disaster was averted in the premarket when liquidity is thin and it’s easier to push markets around. The bears on the prowl were held at bay for most of the session.
However, heading into the final 30 minutes, the bears appeared to be winning the day and the bulls fought back with a vengeance. Once Tuesday’s low was breached, it was inevitable that last week’s low was next on the hit list.
Out of nowhere, the index caught a wicked bid that turned a 20-handle decline into a 15.25-handle gain with a closing price of 3965.50. The buying spree continued in the after-hours session with the last after-hours print being another 8 handles higher at 3973.75.
The biggest gainer of the top components for the second day in a row was Exxon Mobil (NYSE: XOM). For the session, the issue advanced by $2.34 or 2.5% at a closing price of $97.67.
That was seven times better than the cash index’s gain of 0.34%.
Meta Platforms Inc. (NASDAQ: META) was the biggest loser of the top components for the second day in a row, distancing itself from the former major support level of $155. For the session, the issue declined by $1.66 or 1.1% to close at $151.47.
PreMarket Prep With StockOdds Talk Crude Oil
Will Crude Oil end a three-month losing streak that was preceded by a six-month winning streak? Read more on the state of oil here.