It was not as easy play to the long side as Thursday, but the end result was the same, a move higher. Bulls were in control of the premarket trading for most of the premarket session. The bears made a few attempts to keep the index in the red for the session, but none of them lasted very long.
Heading into the final hour, the index was poised for another “rip your face off” rally to end the day, but then had a quick 20-handle decline off the intraday high. However, the bulls would not be denied and nudged the index to a new high late in the day, before tapering off into the close.
For the session, the index added 39.25 handles, or just under one percent to close at 4000.25. That brings the gain for the week to 220.75 handles or 5.84%. Also, it marks the first close over 4000 since September 12. That just happens to be the day the index was wrecked by a worse than expected August reading of the Consumer Price Index.
Amazon.com was the biggest winner of the top components of the index. For the session, the issue added $4.16 or 4.3%. That brings the two-day total to $14.64 or 17%.
The daily gain for Amazon was over 3% better than the cash index’s advance of 0.99%.
The massive exodus out of value stocks made UnitedHealth Group Inc. (NYSE: UNH) the biggest loser of the top components. For the session, the issue declined by $22.09 or 4.06% to close at $522.08.
PreMarket Prep Stock Of The Day: Intel Corp (NASDAQ: INTC)
A double downgrade from JP Morgan Chase & Co does not derail the rally off the October low. Read more on INTC here.
