The S&P 500 index futures began the regular session slightly in the green and were having strong follow-through when the rally aborted off a headline. Just as the index was at the morning high for the session at 11:00 AM EST, it was reported that a Saudi Aramco storage facility had been struck by a missile and was on fire.
The retreat off that headline took the index beyond the premarket low, but found support at 4393.25 and staged a major rebound. At the start of the final hour, the index was nearing the highs for the session but lost its upward momentum.
In true “buy the dip” form, the index quickly retreated 20 plus handles to 4510 area and caught a bid into the closing bell. As a result, the index added 24 handles to post a closing high for the rebound at 4536.50.
Berkshire Hathaway Class B (NYSE: BRK.B) was the biggest winner of the top components of the index. The issue made a new all-time high for the third time this week and closed at a new all-time closing high by gaining $6.52 or 1.8% to close $358.89.
That was over triple the cash index’s gain of 0.51%.
Nvidia Corp (NASDAQ: NVDA) surrendered some of Thursday’s robust gains and was the biggest loser of the top components of the index. For the session, it declined $4.58 or 1.6% to close at $276.92.