Friday’s close and after-hours price action had the bulls in full retreat mode. However, once again the bulls prevailed in Monday’s session.
It began with an immediate bid off the 6:00 PM open on Sunday night and continued into the regular session, but was not all smooth sailing. After the overnight gains began to erode, some positive comments regarding the Omnicron variant from President Biden around Noon EST, instigated another round of unabashed buying.
As quickly as the index shed 30 handles off the open, it recovered them just as quickly. Once the index reached the fresh ground, it added another 20 handles, when it peaked at 4669.75 just after 1:00 PM EST. That was well shy of last Wednesday’s closing price (4699), which the close just before the variant wreaked havoc on the index during Thursday’s premarket session and into Friday’s close.
A significant sell imbalance on the close resulted in the index backing off the highs for the session. However, it still ended the day firmly in the green, adding 56 handles to close at 4651.75.
Chipmaker Nvidia Corp (NASDAQ: NVDA) led the charge on the upside for technology stocks and was the biggest winner of the top components of the index. The issue made a new all-time closing high, ending the day higher by $18.73 or 5.94% at $333.76.
That was well above the cash index’s increase of 1.32%.
Berkshire Hathaway ‘B’ (NYSE: BRK.B) edged out the other financial issues of the top components, with JP Morgan Chase & CO (NYSE; JPM) posting the biggest decline. For the session, the issue declined by $0.97 or 0.34% to close at $282.12.
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