Before every session, there is a primary catalyst (stock specific or macro news) that will help dictate the price action in the upcoming session. On Thursday, Tesla Inc.’s (NASDAQ: TSLA) Q4 beat and steady guidance was all the bulls needed for a new high and closing high for the move (year).
It certainly was not a straight up affair from the opening bell. In fact, the S&P 500 index’s early gains of the 30 plus handles, turned into a loss of just under five handles at the low. However, the index found buyers just under the premarket low and and grinded it was back up,
The end result was a gain of 43.50 handles with a closing price of 4075.50. That marks the highest closing price in the index since December 13.
Thanks to the announcement of a $75B stock buyback program by Chevron Corporation (NYSE: CVX), the “sympathy trade” made Exxon Mobil (NYSE: XOM) the biggest winner of the top components of the index.
For the session, the issue made a new all time high and all time closing high by adding $4.55 or 4.01% to close at $117.74.
That was four times the cash index’s gain of 1.08%.
The biggest loser of the top components was Johnson & Johnson Inc. (NYSE: JNJ). In a risk-on session, the value issue was lower by $0.62 or 0.36%.
PreMarket Prep Stock Of The Day: American Airlines Group Holdings (NASDAQ: AAL)
Not too far off from the day of raising guidance. Read more on AAL here.
