The momentum from Friday’s rally carried over into Monday’s session in a big way. For several hours during the premarket session, the S&P 500 index hovered in the lower 3980-handle, which was just under Friday’s closing price of 3988.50.
It did manage to reach 4000 ahead of the opening bell, but investors had a brief chance to purchase the index at or below unchanged early on in the regular session. Once the index breached the premarket high, the pace of the rally greatly accelerated.
It barely blinked at last week’s high (4035.50) and blasted to 4056.75 before succumbing to selling pressure. In fact, the retreat from its intraday high took the index 40 handles lower before catching a bid in the final hour of the session.
The end result was a new closing high for the year by adding 48 handles to close at 4036.50.
The biggest gainer of the top components of the index was high-beta Nvidia Corp (NASDAQ: NVDA). For the session, the issue advanced $13.54 or 7.59% to close at $191.93.
That dwarfed the 1.20% gain in the cash index.
Exxon Mobil (NYSE: XOM) traded over $114 for the seventh time since early November and failed once again. As a result, it was the biggest loser of the top components of the index. For the session, the issue declined $0.59 or 0.52% to close at $112.76.
PreMarket Prep Stock Of The Day: Overstock.com Inc. (NASDAQ: OSTK)
Finally decides to participate in the rally for the growth technology sector. Read more on OSTK here.
