What do you get when you combine a takeunder of major European bank Credit Suisse (NYSE: CS), a quarter point interest rate hike combined with a not-so-dovish Fed and jitters at Europe’s largest bank Deutsche Bank (NYSE: DB)? A volatile week that ended on Friday with a hard fought gain of 23.25 handles at the closing price of 4001.25. That accounted for almost half of the gains for the week, which was 54.25 handles.
Friday’s price action was impressive. The index started the regular session deep in the red following the news of more potential banking problems across the pond. It seemed destined to close on the lows for the week.
However, the bulls made a defense of the premarket low early in the session and took control. Once the bulls maintained a bid over Thursday’s close (3978) around 2 PM EST, the index cruised into the close, ending the day over the psychological resistance level of 4000.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest winner of the top components of the index. The issue snapped a two-day losing streak by gaining $6.08 or 1.29% at the closing price of $475.99.
That was over double the cash index’s gain of 0.58%.
Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components of the index. The issue ended a nine-day winning streak by declining $4.12 or 1.5%.
