Daily Wrap-Up: What A Way To Start The Week | Monday Aug 23, 2021

All the late buyers on Friday were rewarded handsomely, and then some in Monday’s explosive trading session to the upside.

The rally that started at the 6 PM EST Sunday night open kept going and going. Off the open of the regular session the S&P 500 index, which had already exceeded Friday’s high, went up through the 4450 and 4460 handles much like it came down last Monday, like a hot knife through butter.

However, the index did pause at what was the former all-time high (4476.50), but then breached that level around 11:00 AM EST and made its way all the way to 4485.75. Some profit-taking at the close pushed the index away from the level, but the index still posted a new all-time closing high.

While the index added 38 handles to close at 4475.50, it only improved on its all-time closing high by 1 handle.

It should be noted the index ended the after-hours session almost six handles above the actual close at 4481.25.

Amazon.com (NASDAQ: AMZN) awoke from its post-earnings slumber to lead the index higher adding $65.92 or 2.17% to $3265.87, while the index only added 0.93%.

Of the top components of the index, the lone loser was UnitedHealth Group (NYSE: UNH) which was lower by $4.35 or 1% to close at $425.36.