US Stocks Record Weekly Gains; Volatility In Markets Decreases

The S&P 500 recorded gains to end a volatile week, as US Treasury yields eased on Friday

All three major stock indices jumped over 1%, with the tech-heavy Nasdaq rising around 2% on the last trading day of the week. The S&P also snapped a three-week losing streak.

The ISM services PMI fell to 55.1 in February from 55.2 in January, but came in above expectations of 54.5. The S&P Global Services PMI rose to 50.6 in February from a preliminary reading of 50.5 and compared to January's level of 46.8.

Broadcom Inc AVGO shares gained 5.7% on Friday after the company reported better-than-expected Q1 results and issued Q2 revenue guidance above estimates. Multiple analysts raised their price targets on the stock following the report.

All the major sectors on the S&P 500 closed on a positive note, with information technology, consumer discretionary and communication services stocks recording the biggest gains on Friday.

The Nasdaq 100 jumped 2.04% to close at 12,290.81 on Friday, amid gains in shares of Tesla Inc TSLA and Apple Inc AAPL.

The S&P 500 rose 1.61%, while the Dow Jones added 1.17% to 33,390.97 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 5.6% to 18.49 points on Friday.

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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