Investors showed no concern whatsoever for the May jobs reports that will be released at 8:30 AM EST on Friday. For now, they are convinced the Fed is going to soon relent from its relentless streak of raising rates over the next few months.
After a quiet premarket session, the bears attempted to nudge the index to Wednesday’s low (4174) but the bulls successfully defended it, making 4178 the low for the session.
Heading into the final 30 minutes, the index seemed destined to test the high for the year, but sellers stepped in ahead of that level (4239.75 vs. 4243.25). A mild round of profit-taking took the index off the highs, but still posted a solid gain of 41.25 handles at the closing price of 4231.75.
Nvidia Corp (NASDAQ: NVDA) returned as the biggest gainer of the top components of the index. For the session, the issue added $19.36 or 5.1% at the closing price of $397.78.
That was over five times the cash index’s advance of 0.98%.
The one and only loser of the top components of the index was Johnson & Johnson (NYSE: JNJ). The issue ended a two-day winning streak, declining by $0.52 or 0.34% at the closing price of $154.54.