The S&P 500 index futures have put in place their first three-day winning streak since late May. It was hardly an easy trade for the bulls as the index had several intraday reversals of multiple handles before favoring the upside until the last 15-minute bracket of the session.
That took place after the release of the minutes of the June Fed Meeting. Although the minutes revealed a continued hawkish stance, investors found a silver lining somewhere within the release.
After flirting with Tuesday’s high for a while, the index continued its push higher in the final hour of the session. The index sprinted to 3875 but relinquished some of the gains in the final 15 minutes. For the session, the index gained 14.25 handles to close at 3848.25. That marks the highest close for the index since June 27, which was 3903.75.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest gainer of the top components of the index. For the session, the issue gained $10.05 or 1.99 percent to close at 1.99 percent.
That was over five times the cash index’s gain of 0.36 percent.
The exodus out of the still crowded energy trade made Exxon Mobil (NYSE: XOM) the biggest loser of the top components of the index. It was the only one of the top components of the index in the red by declining by $1.53 or 1.80 percent to close at $83.28.
PreMarket Prep Stock Of The Day: Deutsche Bank (NYSE: DB)
Investors are placing a high probability of Europe going into a recession. Read more on DB here.
