It took some time, but the S&P 500 index futures did follow up Wednesday’s vicious late-day rally. In doing so, the index had its first three-day winning streak since late January. The bears were in control for a majority of the premarket session and snuffed out the first attempt the index made to stick in the green following a strong rally off the open.
Once the index surpassed and maintained the premarket high, it had another blast higher, reaching its highest level over the last eleven sessions. Beginning the final hour of the session, the index made a push for a new high but was rejected. Following a brief retreat, the index inched higher and the final burst in the last five minutes pushed the index over 4440 to 4406.75.
For the session, the index added 52.25 handles to close at 4410.25. That marks the first close over 4400 since February 16. After the close, negative headlines regarding Russia’s potential use of nuclear arms instigated a retreat from the close as the last after-hours print was 26 handles lower at 4384.25.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. The issue extended its winning streak to three sessions by adding $28.77 or 3.4% to close at $868.90.
That was just under triple the cash index’s cash of 1.2%.
The smallest winner was the biggest loser of the top components of the index. That was Microsoft Inc. (NASDAQ: MSFT), which added 0.83% to close at $295.22.