Market Volatility Drops Sharply After Apple Results, Non-Farm Payroll Data
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The S&P 500 closed higher on Friday after Apple Inc (NASDAQ:AAPL) posted upbeat quarterly results. The Dow also notched its biggest single-day percentage gain since Jan. 6.
The Labor Department said that the U.S. economy added 253,000 jobs in April, beating market expectations of 180,000 and versus a revised 165,000 gain in March.
Regional bank shares also recovered on Friday, with PacWest Bancorp (NASDAQ:PACW) jumping around 82% and Western Alliance Bancorporation (NYSE:WAL) surging 49%
On Wednesday, the U.S. Federal Reserve increased rates by 25 basis points, as expected.
All the major sectors on S&P 500 closed on a positive note, with energy and information technology stocks recording the biggest gains on Friday.
The Nasdaq 100 rose 2.13% to close at 13,259.13 on Friday, amid gains in shares of Apple Inc (NASDAQ:AAPL) and NVIDIA Corporation (NASDAQ:NVDA).
The S&P 500 rose 1.85%, while the Dow Jones added 1.65% to 33,674.38 in the previous session.
The Dow and S&P 500 still recorded losses last week, while the Nasdaq ended the week with a slight gain.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) recorded dipped 14.4% to close at 17.19 on Friday. The index recorded its biggest single-day drop since March 16 on Friday after surging to its highest level since late March in the prior session.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.
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