Investors were attempting to digest the major rebound on Thursday and determine whether or not it had more legs, and the news hit the tape. That being Russia indicated it would be open to negotiating regarding its invasion of Ukraine. That is something neither the bulls nor the bears were expecting.
Early in the session, the index surrendered some of the premarket gains and went red for only a brief moment. Once the index regained the 4300 handle and breached the premarket high, there were no sellers to be found.
As a result, the index came within eight handles of Tuesday Globex high (4391.25, which was made on Sunday evening) only reaching 4383.25. The index ended the session, just off that level, higher by 96 handles at 4380.
After being in the red for the week by 241.75 handles at Thursday’s low, the index finished in the green by 36.50.
Following a court settlement over the Opioid crisis, Johnson & Johnson (NYSE: JNJ) reversed its role from Thursday and was the biggest winner of the top components. For the session, the issue gained $7.86 or 5% to close at $166.
That was over double the cash index’s gain of 2.24%.
The biggest loser of the top components was the smallest gainer. That was Microsoft Corp Inc. (NASDAQ: MSFT) which added $2.72 or 0.9%.
PreMarket Prep Stock Of The Day: PayPal Holdings Inc. (NASDAQ: PYPL)
Even though it already has poor Q4 results along with a lower growth forecast, the issue got a lift from Block Inc.’s (NYSE: SQ) Q4 beat. Read more on PYPL here.