There is no other way to put it. Whether he meant it or not, investors came away with extremely “dovish” views of Fed Reserve Chairman Jerome Powell at the Brookings Institution and took it to the bank.
Although the S&P 500 index retreated on Monday and Tuesday, there was plenty of underlying demand for stocks. This is evidenced by the near-perfect double bottom in the S&P 500 index futures (3941.75 and 3942.75).
One minute into Powell’s speech, at 1:30 PM EST, the bulls were on the prowl and did not relent until the closing bell. There was a sustained bid even after the closing bell. It was a “buy everything” rally as growth and value stocks moved in harmony for the first time in a long time.
For the session, the index added 119.25 handles to close at 4081.25. That marks a new closing high for the move by a wide margin as the former one was 4033.
Nvidia Corp (NASDAQ: NVDA) returned to its outsized daily gains and was the biggest winner of the top components of the index. For the session, the issue advanced by $12.84 or 8.2% to close at $169.23.
That was nearly triple the cash index’s gain of 3.09%.
The biggest loser was the smallest winner, Exxon Mobil (NYSE: XOM). For the session, the issue gained $0.80 or .07% to close at $111.34.
PreMarket Prep Stock Of The Day: Wayfair Inc. (NYSE: W)
A good day given back, followed by the market coming to the rescue. Read more on W here.