Despite the threat of higher than expected inflation being forecasted, the S&P 500 index futures did not roll over and tank. Instead, it blasted to a new all-time closing high.
To stress the importance of the premarket action, the mid-morning retreat came within striking distance of the premarket low (4664.25) and the close (4667) but came up shy. For those that sold in the “hole”, it was a tough climb getting out.
The afternoon lull (1:15-3:30 PM EST) had investors thinking the rally was over for the week. However, once the index cleared 4700 for good, there was no looking back. The index easily cleared the standing high (4706.50), which matched Thursday’s high (4712), reaching 4712.50.
The market stayed bid until the close of the cash session, adding 44.25 handles to close at 4711.25.
Apple Inc. (NASDAQ: AAPL) was the biggest gain of the top components. For the session, it added $4.95 or 2.8% to close at $174.56.
That was nearly triple the cash index’s gain of 0.95%.
Amazon.com (NASDAQ: AMZN) was the biggest loser of the components. For the session, it declined $39.18 or 1.1% to close at $3444.24.