The second day of the Santa Claus rally was never in doubt as the index opened at its low tick for the session and quickly went in the green. In fact, the five-handle lower deficit was erased in the first five minutes of the session.
Similarly, the S&P 500 index futures opened the regular session at its low and grinded higher. Heading into the final thirty minutes of the session, the index made a new high for the move and reversed course.
The retreat was shallow and the index went on to post a new closing high for the move by gaining 19.50 handles at the closing price 4825.00.
Among the top components, Tesla Inc. (NASDAQ: TSLA) was the biggest winner, reversing its role from Friday. For the session, the issue advanced $4.07 or 1.61%.
That was nearly four times better than the cash index’s gain of 0.42%.
On the other end of the top components, Apple Inc. (NASDAQ: AAPL) was the biggest loser. The issue, which was focused in a negative light in Barron’s over the weekend, declined by $0.55 or 0.28%.