After the S&P 500 index ended a seven-day winning streak on Friday, it started a new one on Monday. Not only did the index make a new intraday high by a wide margin, but it also posted a new all-time closing high by a nice margin as well.
Early in the session, the premarket gains evaporated, but the index found intraday support well ahead of the premarket low (4522.50), only reaching 4528.75 and reversed course. Once the premarket high (4548) was breached, it barely blinked at the former all-time high from Friday (4551.50) and ballooned to 4564.
Once the index was unable to make a new high heading into the final hour of the session, a mild round of profit-taking came in. Perhaps some trepidation ahead of some major earnings reports after the close and later this week.
A late burst of buying in the final minute propelled the index higher by 21.50 handles to close at 4558. That was 16.25 higher than its former all-time closing high price from Thursday (4541.75).
Not to sound like a broken record, but the leader of the top components was Tesla Inc. (NASDAQ: TSLA), the catalyst being a 100k order of new cars from Hertz Global Holdings Inc. (OTC: HTZZ). For the session, the issue added $115.18 or 12.6% to close at $1024.86. That far exceeded the cash index’s gain of 0.47%.
JP Morgan Chase & Co. (NYSE: JPM) was the leader on the downside of the top components. Although the issue did make a new all-time intraday high ($172.96 vs. $172.09), it failed in its attempt to make a new all-time closing high. For the session, the issue declined $0.84 or 0.49% to close at $170.94.
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