The S&P 500 index futures are now on a three-day winning streak and have been higher in four of the last five sessions. The one outlier was a decline of one tick last Thursday. On a closing basis, that has moved the index from its August 9 close (4124.50 to 4307.75) for a gain of 183.25 handles or 4.4%. Tuesday’s closing price marks the highest close since April 21, when it ended the session at 4392.50.
The bears tried to assert their will early in the session as the index breached the premarket low by a nice margin but the bulls would have nothing of it. Once the index breached the premarket high, the pace of the rally accelerated, barely pausing at the former high for the move (4304.75).
Just after 2:30 PM EST, the bears attempted another raid as the “meme” stocks began to unravel. However, it found support just above Monday’s close and rebounded to post a new closing high for the move.
Value was back in vogue as Berkshire Hathaway Class B (NYSE: BRK.B) was the biggest winner of the top components of the index. For the session, the issue added $3.83 or 1.26% to close at $306.65.
That was nearly seven times better than the cash index’s gain of 0.22%.
The rout in Crude Oil futures weighed on Exxon Mobil (NYSE: XOM) as it was the biggest loser of the top components of the index. For the session, the issue declined by $0.86 or 0.93% to close at $91.46.
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