Any veteran short or long-term investor knows that the market does not always go straight up or straight down. Instead, after extended moves in either direction, there is a consolidation period. Following that bout of time, the market takes a breather and then decides to continue in the direction of the momentum or to reverse.
Wednesday was one of those days.
From a negative standpoint, the S&P 500 index was barely green in the premarket session and never went green in the regular session. From a positive standpoint, the index was on the ropes late in the day but mounted a strong rally to trim the losses for the session.
The late-day rally resulted in a decline of 29.50 handles to close at the nice round number of 4596.
Blasting to a new all-time and all-time closing high to be the biggest gainer of the top components was UnitedHealth Group Inc. (NYSE: UNH). For the session, the issue gained $10.09 or 1.98% to close at $520.82.
That was much better than the cash index’s decline of 0.63%.
High beta Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components by a wide margin. For the session, the issue declined by $9.66 or 3.4% to close at $276.90.