While the S&P 500 index did not make an all-time high on Wednesday, it did post its all-time closing high at 4528. That turned out to be an area of resistance in premarket trading on Thursday, and intraday resistance until the final hour of the day.
Once the index was stable above that level, it went on to surpass the former all-time high (4540.25), reaching 4543.25. The rally extended itself seven consecutive sessions. That matches the streak from late June into early July, however, that streak included new all-time closing highs as well.
For the session, the index added 14.75 handles to close at 4541.75. It should be noted that the index sharply retreated from the close in after-hours trading following a mixed Q3 report from Snap Inc. (NYSE: SNAP) along with lower Q4 sales guidance.
That news had a major negative impact on other social media stocks. That included one of the top components of the index, Facebook Inc. (NASDAQ: FB) which was pounded in the after-hours session making a new low for the recent slide.
Tesla Inc. (NASDAQ: TSLA) was back on the top of the leaderboard of the top components. The issue was able to shrug off the after-hours/premarket selling after its Q3 beat and came within a whisker of making a new all-time high. For the session, the issue added $28.20 or 3.26% to close at $894. That was over 10 times the cash index’s gain of 0.30%.
Not including the after-hours chaos, JP Morgan Chase & Co. (NYSE: JPM) was the biggest drag of the top components of the index. For the session, the bank declined $1.34 or .78% to close at $169.50.
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