Market Volatility Drops Further Following Rebound In US Consumer Confidence

US stocks recorded sharp gains on Wednesday, with the Dow Jones gaining more than 500 points after data released Wednesday showed improvement in consumer confidence index.

Stronger-than-expected earnings reports from Nike NKE and FedEx Corp FDX also lifted overall market sentiment.

On Tuesday, the Bank of Japan widened its yield cap on its long-term bonds, which resulted in the yen recording its biggest one-day surge against the US dollar in 24 years.

All the major sectors on the S&P 500 closed on a positive note, with energy and industrials stocks recording the biggest surge on Wednesday.

The Nasdaq 100 jumped 1.48% to close at 11,235.88 on Wednesday, amid gains in shares of, Inc. AMZN and Apple Inc AAPL. The S&P 500 rose 1.49%, while the Dow Jones gained 1.60% to 33,376.48 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 6.6% to 20.07 points on Wednesday.

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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