Based on the premarket trading in the S&P 500 index, there was not going to be follow-through on Friday’s rally that put the index at its highest level for the week. Not only for the week, but the index ended Friday’s session at its highest level since September 16.
However, that all changed in the first 15 minutes off the open of the regular session. Once the bears were unable to push the index beyond the premarket low (4436.25), only reaching 4436.75, the bulls came back with a vengeance.
Once the index was able to stabilize above the intraday low from Friday (4445), the pace of the rally accelerated. Just as the index came down pretty easily through the 4450 and 4460 handles, it went back up the same way.
Following a pause at Friday’s close (4462.50), another surge of buying pushed the index beyond the premarket high (4469.50), peaking at 4479.75. The index managed to hold almost all of the gains for the day. For the session, the index gained 15.25 handles to close at 4477.25.
For a change, Facebook Inc. (NASDAQ: FB), was the biggest gainer of the top components, just edging out Tesla Inc (NASDAQ: TSLA), which is now on a six-day winning streak. For the session, the social media giant gained $10.58 or 3.3% to end the day at $335.34.
That was about ten times greater than the cash index’s gain of .34%.
The biggest loser of the top components was Berkshire Hathaway ‘B’ (NYSE: BRK.B), which sank $1.62 or .57% to close at $282.59.
PreMarket Prep Stock Of The Day: Zillow Group Holding Inc. (NASDAQ: Z)
Rebound off recent low interrupted by bad news. Read more about Z here.