Investors welcomed the much anticipated passage of the debt ceiling and took the index to a new closing high for the recent rebound, adding 1.75 handles to close at 4215. However, it has still not made a new closing high for the year as that stands at 4226.25.
In addition, the index matched its yearly high (4243.25) during the premarket session, but came up shy during the regular session, only reaching 4238.50.
For those in the blow-off-high camp, several of the major tech issues including Nvidia Corp (NASDAQ: NVDA) finished well off their intraday highs. Moving forward, the closing price in these issues will be key technical levels that investors should focus on. With respect to Nvidia Corp, that is $401.11.
Tesla Inc. (NASDAQ: TSLA), which is still riding the momentum from Elon Musk’s interview last week, was the biggest gainer of the top components of the index. It has been higher in six of the last sessions by adding $7.99 or 4.1% at the closing price of $201. That marks the first close over $200 for the issue since March 31.
That was much better than the cash index which was essentially flat for the session.
The biggest loser of the top components was Exxon Mobil (NYSE: XOM), which suffered from a sharp move lower in Crude Oil. For the session, the issue declined by $0.95 or 0.90% at the closing price of $104.02. That extended its losing streak to three consecutive sessions.