Investors around the world breathed a collective sigh of relief (for now) that although the conflict in the Middle East has escalated, it has not evolved into WWIII yet.
As it turns out, the rebound in the final fifteen of Friday’s session, in which the index made a new low for the week and closed at its lowest price since March, had legs.
In fact, the index never saw unchanged for the entire session and fended off the bears’ attempt to spoil the day. That came after the opening of the regular session as the index appeared to have a date with 4200, but stalled in mid-4180 handle.
Before the lunch hour, the index made an intraday low well above the premarket low and reversed course. It took until the conclusion of the lunch hour for the bulls to firmly establish that the index wanted to add to its gains.
Heading into the final thirty minutes of the session, the index stalled just under 4200 and tapered off into the close. The end result was still a solid gain of 48 handles at the closing price of 4185.75.
Among the top components, Amazon.com Inc. (NASDAQ: AMZN) was the biggest winner for the second day in a row. The issue had solid follow through from Friday’s oversized gain after its Q3 beat. For the session, the issue added $4.97 or 3.9% at the closing price of $132.74.
That performance was just under three percent better than the cash index’s decline of 1.20%.
Conversely, Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components by a wide margin. Investors headed to the exit when the leading Chinese EV maker Byd Co. Ltd. H (OTC: BYDDF) posted much better-than-expected Q3 results. For the session, the issue tumbled $9.94 or 4.8% at the closing price of $197.36. That marks the first close under $200 for the issue since June.