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Market observers may have been lulled into complacency as the S&P index futures gyrated for most of the premarket and regular sessions in the 4820 handle. A majority of the trading action took place just above and below Tuesday’s closing price of 4825.

With nine minutes to go, it appeared that the end was going to close near the daily low of 4816.50. However, heading into the final four minutes, the index went positive and caught a wicked bid in the final minute. 

Just like that, the index turned a modest two-point gain into a more formidable nine point gain in the final 60 seconds. The end result was a new closing high for the move by 8.50 handles the closing price of 4833.50.

Among the top components, Eli Lilly and Co. (NYSE: LLY) was the biggest gainer. The issue, which opened at its exact low for the session, gained $10.84 or 1.90% at the closing price of $581.51. That extends its winning streak to two sessions and has been higher in three of its last four.

That was much better than the index’s fractional gain of 0.14%.

On the other end of the top components, Alphabet Inc. (NASDAQ: GOOG) was the biggest loser. The issue found persistent sellers in the $143 handle ($143.25-$143.95) and could not hold the double close area ($142.72 and $12.82) from Friday and Tuesday, declining by $1.38 or 0.96%.