The S&P 500 index had its fair share of losing streaks in the month of September. However, a new streak to the upside has formed this month ahead of the Q3 earnings season.
Aided by a weaker dollar and a less-than-expected rate hike by the Federal Reserve Bank Of Australia put the bulls in full control. In fact, the index spent very little in the red in premarket trading.
The premarket gains were just a precursor to the regular session. Once the index breached the premarket high off the open, offers were scarce and shorts were scrambling to cover into a rising market after having their way for much of last week.
Only the closing bell stopped the rally, kind of, as the buyers were still active after the 4:00 PM mark. For the session, the index added 113 handles to close at 3803.25.
Nvidia Corp (NASDAQ: NVDA) made an appearance as the biggest gainer of the top components for the index. For the session, the issue gained $6.55 or 5.23% to close at $131.67.
That was much better than the cash index’s gain of 3.06%.
The smallest loser of the top components was the smallest winner, which was UnitedHealth Group Inc. (NYSE: UNH). For the session, the issue advanced by $5.79 or 1.12% to close at $521.30.
That was less than half the cash index’s gain of 2.88%.
PreMarket Prep Stock Of The Day: Credit Suisse Group AG (NYSE: CS)
Rallying on bad news is a good thing, but the long-term trend is ugly. Read more on CS here.