The “late money” on Tuesday was the smart money. The S&P 500 index futures never sniffed the close and ended the session near the highs.
The mysterious catalyst was okay earnings from Lululemon Athletica Inc. (NASDAQ: LULU) and Micron Technology, Inc. (NASDAQ: MU).
Although there was a fade trade off the opening of the regular session, it did not last very long. The bulls stepped in well ahead of the top of Tuesday’s high and jammed the index higher into the close.
The end result, a gain of 56 handles at 4057.50. That surpasses the former closing high of the rebound by over 20 handles.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest gainer of the top components of the index. The issue, which has struggled to remain in triple digits, gained $3.01 or 3.1% to close at $100.25.
That was over double the cash index’s advance of 1.40%.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser of the top components of the index for the second day in a row. For the session, the issue declined by $5.99 or 1.26% closing at $466.59.