Another day, another all-time high and closing high for the fifth day in a row for the S&P 500 index.
During premarket trading, the index found support just above Tuesday’s low (4475.75) at 4476.25 and never got the low again. Off the open of the regular session, the index chopped around unchanged (4482.50) and then took out the former all-time high (4492) before noon. The continuation rally fell short of the psychological resistance level (4500), peaking at 4498.
A slight round off profit-taking at the close took the index off the highs for the session. For the day, the index added 10.50 handles to close 4493.
Financials led the index higher, as one of its top components JP Morgan (NYSE: JPM) added $3.25 or 2.06% to close at $160.92 compared to the index, which gained only 0.22%.
The biggest drag on the index was its top component Apple Inc. (NASDAQ: AAPL) which shed $1.26 or 0.88% to close at $148.36.
PreMarket Prep Stock Of The Day: Penn National Gaming (NASDAQ: PENN)
Penn National Gaming finally clears the $74 level and plays catch-up to Draftkings (NASDAQ: DKNG).
Read more on PENN: https://tinyurl.com/s5hwdh4f