U.S. stocks ended the first trading day of the week on a higher note, ahead of this week's policy meeting of the Federal Reserve.
Markets are fully pricing a rate hike of at least 75 basis points at the end of Fed's policy meeting, with some of the traders also expecting a whopping 100 bps hike.
Goldman Sachs, meanwhile, lowered its projections for 2023 US GDP on Friday.
Shares of Take-Two Interactive Software, Inc. TTWO recovered on Monday after moving lower earlier during the session after Bloomberg reported Grand Theft Auto VI gameplay was leaked online.
The Nasdaq 100 rose 0.77% to close at 11,953.27 on Monday, while the S&P 500 gained 0.69%. The Dow Jones climbed around 197 points to settle at 31,019.68 in the previous session.
Shares of Apple Inc AAPL and Meta Platforms, Inc. META also closed higher on Monday.
Majority of the sectors on the S&P 500 closed on a higher note, with materials and consumer discretionary stocks recording the biggest gain on Monday. Health care stocks, however, bucked the overall market trend, recording losses on Monday.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 1.9% to 25.79 points.
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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