Ahead of Thursday’s much anticipated December Consumer Price Index report, the S&P 500 index futures reached its highest closing level since December 14 (4030.75). That just happened to be the day of November’s favorable reading. While the Street reacted positively ahead of the print and the day of, the index stumbled and traded under 3800 only six sessions later.
The index spent the majority of the premarket session in the green and did not come close to going red in the regular session. Early in the 11:00 AM EST hour, the bears made one push to get the index negative but were rebuffed. Once the index established a sustained bid above 3960, it was able to breach Monday’s high and keep on going.
Buyers persisted into the closing bell as the index added 51.50 handles to close at 3992.25.
Amazon.com (NASDAQ: AMZN) had its best day in months and was the biggest winner of the top components of the index. For the session, the issue added $5.22 or 5.81% to close at $95.09.
That was over 4% better than the cash index’s increase of 1.31%.
Johnson & Johnson (NYSE: JNJ) was the only loser of the top components of the index. For the session, the issue declined by $0.28 or 0.16% to close $174.88.
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