The S&P 500 futures index’s gain of 22.75 handles, with a close of 4033, marks a new closing high for the recent rebound by a wide margin. However, it was a rollercoaster ride to get there.
The substantial early morning gains evaporated and the index went into the red one hour ahead of the release of the latest Federal Reserve meeting minutes. Perhaps trepidation over the tone of the minutes along with thinner holiday trading contributed to the sharp retreat.
With more of a “dovish” tone coming out of the minutes, the index rallied all the way back to make a new high for the session. Heading into the final, the index refused to surrender the gains this time around.
Tesla Inc. (NASDAQ: TSLA), who was the beneficiary of a Citigroup upgrade was the biggest winner of the top components. For the session, the issue gained $13.29 or 7.8% to close at $183.20.
That was over 7% better than the cash index’s advance of 0.59%.
The sharp decline in Crude Oil futures spoiled over into Exxon Mobil (NYSE: XOM) which was the biggest loser of the top components. For the session, the issue declined by $0.57 or 0.5% to close at $113.61.
PreMarket Prep Stock Of The Day: Nordstrom Inc. (NYSE: JWN)
After-hours/premarket price action differs from the regular session. Read more on JWN here.