U.S. stocks closed higher on Friday, also recording gains for the week.
Signs that inflation may have peaked boosted overall market sentiment, which resulted in the S&P 500 and the Nasdaq recording gains for the fourth week in a row.
The Nasdaq 100 surged 2.06% to close at 13,565.87 on Friday, while the S&P 500 gained 1.73%. The Dow Jones gained around 424 points to settle at 33,761.05 in the previous session.
Major sectors on the S&P 500 closed on a positive note, with consumer discretionary and information technology stocks recording the biggest surge on Friday.
Banking stocks extended their rally for a sixth consecutive week.
LegalZoom.com, Inc. (NASDAQ: LZ) gained 18% on Friday after the company reported better-than-expected Q2 adjusted EPS and sales results.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 3.3% to 19.53 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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