The S&P 500 index futures reached its highest level since February 16, when the index peaked at 4203.25. After adding 53.75 handles, at the closing price 4172.75, the index posted its highest closing price since its March 16 low (3839.25). That is an impressive gain of 333.50 handles or 8.7%.
The catalyst for today’s rally was a better-than-expected reading on the March Producer Price Index, which followed a similar reading for the Consumer Price Index on Wednesday.
Bank earnings on Friday from the big banks, JP Morgan Chase & Co (NYSE: JPM), Well Fargo & Company (NYSE: WFC), Citigroup Inc. (NYSE: C), along with the regional bank PNC Financial Services (NYSE: PNV) will likely determine whether or not the rally continues in the short-term.
Amazon.com Inc. (NASDAQ; AMZN) was the biggest winner of the top components. For the session, the issue advanced by $4.50 or 4.6% at the closing price of $102.32.
That was over 3% better than the cash index’s gain of 1.30%.
The biggest loser was the smallest winner, JP Morgan Chase & Co (NYSE: JPM). For the session, the issue advanced by $0.22 or 0.18%.
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