The S&P 500 index finally put an end to its seven-week losing streak and in a big way. For the session, the index added 100 handles and for the week, tacked on 255.50 handles with a closing print of 4155.75. After-hours buyers could not restrain themselves as the last after-hours print was over 10 handles higher at 4168.
While the index entered the session with a bullish slant, the favorable PCE (Personal Consumption Expenditures) data point at 8:30 AM put the potential final nail in the bear’s coffin for now. The key benchmark for the Federal Reserve Bank decision-making process gave a slight hint that peak inflation MAY be behind us.
Buyers were extremely aggressive off the open and once the premarket high was breached they became more and more aggressive.
For the second day in a row, Tesla Inc. (NASDAQ: TSLA) was the biggest gainer of the top components of the index. For the session, the issue gained $51.90 or 7.3 percent to close at $707.73.
That was nearly three times the cash index’s advance of 2.47 percent.
The biggest loser of the top components was the smallest gainer. That was UnitedHealth Group Inc. (NYSE: UNH) which gained $4.88 or 0.97 percent to close at $507.11.
PreMarket Prep Stock Of The Day: Workday Inc. (NASDAQ: WDAY)
“Buy the dip” works again, but your timing had to be impeccable. Read more on WDAY here.