January 23, 2023January 23, 2023

S&P 500 Snaps 3-Session Losing Streak, Market Volatility Decreases

Posted By: techrossm

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US stocks closed higher on Friday, with the S&P 500 and Dow Jones snapping a three-day losing streak.

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The Dow and S&P 500, however, lost 2.7% and 0.66%, respectively last week, while the Nasdaq added 0.55%.

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The US Federal Reserve is widely expected to increase rates by 25 basis points at its February 1 policy announcement.

Netflix, Inc. (NASDAQ: NFLX) shares climbed 8.5% on Friday after the company reported better-than-expected Q4 sales results and said its Q4 global streaming paid memberships increased 4% year-over-year.

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

The Nasdaq 100 jumped 2.86% to close at 11,619.03 on Friday, amid gains in shares of Alphabet Inc. (NASDAQ: GOOGL) and Amazon.com, Inc. (NASDAQ: AMZN).

The S&P 500 rose 1.89%, while the Dow Jones added 1% to 33,375.49 in the previous session.

The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 3.3% to 19.85 points on Friday.

What is CBOE Volatility Index?

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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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