When the S&P 500 index futures made a new low for the week on Friday at lunchtime, it appeared to be ending on a sour note. However, the rebound from that low into the close gave the bulls some fodder to start the week and they took advantage of it.
The index was green for much of the premarket session and was only briefly in the red during the regular session. Once the push lower off the open was rejected, the bulls took command of the session, right into the closing bell.
The battle at Friday’s high (4555.50) was done for good around 1:30 PM EST, after that, it was a slow drift higher. Buyers got more aggressive in the final two minutes allowing the index to close just off the high for the day.
For the session, the index added 38.50 handles to close at 4577.75.
The Elon Musk effect enabled Tesla Inc. to be the biggest winner of the top components of the index. For the session, the issue gained $60.86 or 5.6% to close at $1145.45.
That was nearly seven times better than the cash index’s advance of 0.81%.
On a risk-on day, Berkshire Hathaway Class B (NYSE: BRK.B) shares were the biggest loser of the top components of the index. For the session, the issue skidded $6.43 or 1.83% to close at $345.43.
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