Late in the session, the bears were pressing for a losing day to end the month. However, the bulls sprang into action in the final ten minutes and pushed the index from being down nearly 10 handles to nearly a similar gain.
Off the opening of the regular session, the index matched the premarket high, but not much more. All minor intraday declines find support ahead of the premarket low, with the final push lower bringing it to the close (4597.75 vs. 4595.25).
With Monday’ gain of nine handles, that brings the monthly gain for index to 126.25 handles at the closing price of 4614.50.
Among the top components, Exxon Mobil (NYSE: XOM) was the biggest winner. The issue had two catalysts for it to move higher. First of all, was another solid advance in Crude Oil futures. Also, the issue rode the coattails of Chevron Corporation which was upgraded at Goldman Sachs. For the session, the issue gained $3.07 or 2.96% at the closing price of $107.23.
This performance was much better than the cash index’s fractional gain of 0.15%.
Conversely, Johnson & Johnson (NYSE: JNJ) was the biggest loser of the top components. Following an unfavorable ruling not allowing the company to use bankruptcy proceedings as defense in its ongoing Talcum powder litigation, investors were heading for the exit. For the session, the issue swooned $6.95 or 3.95% at the closing price of $167.53.