The sellers on the close in Wednesday’s session could not have been more wrong. In fact, right from the 6:00am EST opening print, the low and close from the session were protected and the S&P 500 index futures began to grind higher.
Off the opening of the regular session, the bears made one weak attempt to push the index lower, but could not get near the close. Once the index surpassed the premarket high, the pace of the rally accelerated and briefly surpassed the intraday high from yesterday.
Heading into the final hour, the index found major buyers in the lower 4480 handle, which set the stage for a rip-roaring rally into the close. Buyers continued to be extremely aggressive right until the closing bell.
The index respected the pair of highs from Tuesday (4514.75) and Wednesday (4514), peaking at 4515 in the final minute. For the session, the index added 65 handles to close at 4512.50, which was a new closing high for the rebound.
After being the biggest loser of the top components of the index for two days in a row, Nvidia Corp (NASDAQ: NVDA) flipped the script big time by being the biggest gainer. The issue had its best day in months by gaining $25.16 or 9.8% to close at $281.50.
That was nearly seven times the index’s gain of 1.43%.
The smallest gainer was the biggest loser of the top components. That was Amazon.com Inc. (NASDAQ: AMZN) which advanced $4.83 or 0.15% to close at $3272.99.
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