U.S. stocks closed higher on Monday, extending gains recorded in the recent period.
The rise in megacap growth stocks provided support to the market, with shares of Tesla Inc TSLA surging 3.1%, while Apple Inc AAPL shares gained 0.6% on Monday.
The S&P 500 has recovered sharply in the recent period, supported by last week’s inflation report, which showed some signs of easing in July.
The Nasdaq 100 gained 0.75% to close at 13,667.18 on Monday, while the S&P 500 gained 0.40%. The Dow Jones gained around 151 points to settle at 33,912.44 in the previous session.
Majority of the sectors on the S&P 500 closed on a higher note, with consumer staples and utilities stocks recording the biggest surge on Monday. Energy, however, was the worst performing sector in the previous session, falling around 1%.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 2.2% to 19.95 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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