So much for the markets not moving that much in August. The S&P 500 index had its biggest weekly range in a month, but the outcome was the same, “Buy the dip.”
After snapping back from a lower open on Monday, the index made a new all-time high (4476.50) and all-time closing high (4474), The index surrendered all those gains and then some onTuesday and Wednesday. On Thursday, it made its low of the week in premarket trading when it swooned to 4347.75 in premarket trading. It never came close to that low during the regular session and posted a small gain for the session. While fading the gap opened from earlier in the week worked out well, Friday was a different story.
Following a steep decline in premarket trading the index battled back to be in the green off the open of the regular session. After testing the close of 4401.50, bottoming at 4400 off the open, buyers took control of the market and did not give it back.
Although the index ended the week slightly in the red, it was a clear win for the bulls on Friday as the index ended the session higher 35.25 handles at 4437.
Big tech was the big winner as Microsoft Corp (NASDAQ: MSFT) blasted through $300, ending the session higher by $7.59 or 2.59% at $304.36. Also, Nvidia Corp. (NASDAQ: NVDA) made a new all-time high and closing high adding $10.18 or 5.26 percent to close at $208.16.
The biggest loser of the top components of the index was the smallest winner. That being Berkshire Hathaway (NYSE: BRK.B) which was pennies higher to close up only $0.14 ending the week at $285.27.
PreMarket Prep Stock Of The Day: General Electric (NYSE: GE)
Will it be the same trading range stock after the reverse split as it was before the reverse split?
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