The six-day losing streak is over, but this market is far from being out of the woods. What had the recipe for disaster written all over it, an unconfirmed Bloomberg report that Apple Inc. (NASDAQ: AAPL) was scaling back on production for its new iPhone, instigating a new low for the move in the premarket. However, the bulls stepped up to the plate during the regular session.
What fueled the rally was the end of a six-day winning streak in the dollar coupled with an oversized rally in the bond market. In addition, the Bank Of England appears to have thrown in the towel in fighting inflation and announced a round of fiscal stimulus.
In an expanded range day to the upside, the S&P 500 futures added 71 handles to close at 3732. That is the best day the index has had in this volatile month.
Meta Platforms Inc. (NASDAQ: META) put in place a double bottom and was the biggest winner of the top components. For the session, the issue gained $7.21, or 5.36% to close at $141.61.
That was almost three times the cash index’s advance of 1.97%.
Although Apple Inc. (NASDAQ: AAPL) finished well off its intraday low, it was still the only, therefore the biggest loser of the top components. For the session, the issue declined by $1.94 or 1.3% to close at $149.84.
PreMarket Prep Stock Of The Day: Biogen Inc. (NASDAQ: BIIB)
The issue trades true to form following its overnight gap higher following positive data results from its Alzheimer’s drug. Read more on BIIB here.