3 stocks endured heavy volumes amid market jump Thursday

HollyFrontier Corp, Cabot Oil & Gas Corp, Imperial Oil Limited and others reached higher-than-usual trading volumes.

Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq ended the session at 12,100 after a 0.76% gain. S&P 500 gained 0.36% and closed at 4,105.

Why Trading Volume Matters

Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.

Price action was mostly bullish Thursday with some energy stocks recording abnormally high trading volumes. Here's a recap:

HollyFrontier | 119% slightly above rolling average

Trading volume was 4.78 million shares Thursday — beating the daily average by a mammoth 119%.

Cabot Oil & Gas Corp | 219% higher than rolling average

Cabot Oil & Gas Corp moves 0% to close at $22.25 Thursday.

Cabot Oil & Gas Corp had a compelling day Thursday, with 18.76 million shares traded helping the company surpass its average daily volume by 219%.

Imperial Oil | outperformed daily volume average by 97% Thursday

Imperial Oil outpaced its average daily trading volume (499,129) with 482,553 shares traded Thursday.

The Canadian petroleum company has gained 15.74% since its lowest print of $40.38 earlier this year.

— Average trading volume refers to a 21-day rolling average.