3 stocks endured heavy volumes amid market jump yesterday

HollyFrontier Corp, Cabot Oil & Gas Corp, Continental Resources, Inc. and others reached higher-than-usual trading volumes.

A quick recap of where the last trading session ended: Markets were up yesterday; Nasdaq closed the day at 13,817, having gained 0.21%. S&P 500 gained 0.12% and closed at 4,455.59.

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 yesterday with some energy stocks recording abnormally high trading volumes. Here's a recap:

HollyFrontier | 119% slightly greater than rolling average

HollyFrontier Corp outpaced its average daily trading volume (4 million) with 4.78 million shares traded yesterday.

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

The oil and gas development company's market cap currently stands at $17 billion with an average daily volume of 8.56 million shares.

Cabot Oil & Gas Corp outpaced its average daily trading volume (8.56 million) with 18.76 million shares traded yesterday.

Continental Resources | sustained 91% higher trading volume than average yesterday

Continental Resources moves 0.04% to close at $74.27 yesterday.

Continental Resources outpaced its average daily trading volume (3.90 million) with 3.54 million shares traded yesterday.

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