The term “buy the dip” never seems to get old in these markets. After a quiet premarket session, the S&P 500 index futures went into reverse mode after the better-than-expected jobs number at 8:30 AM EST. For the remainder of the premarket session, the bears were in control.
In fact, at the low, the index was down 75 handles from Thursday’s closing price. However, the bulls came back with a vengeance from the opening bell of the regular session. Investors that were left behind in Wednesday’s furious rally were not going to be denied.
Within the first half-hour, the index reached the bottom of Thursday’s range and then paused before ramping up again heading into the final hour. Not only were the bulls able to erase the losses, but the rally stalled just above the premarket high.
In a choppy thirty minutes to end the day, the index appeared to lose some steam but rallied into the close.
For the session, the index shed 6.25 handles to close at 4075.50. The gains for the week were 43 handles.
Big winners were scant and the biggest one turned out to be Microsoft Corp (NASDAQ: MSFT). For the session, the issue added $0.33 or 0.12% to close at $254.69.
That was the opposite of the cash index which lost about the same amount.
Nvidia Corp (NASDAQ: NVDA) went from being the biggest winner on Thursday to the biggest loser in Friday’s session. The issue declined by $2.59 or 1.51% to close at $168.76.