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Volatility In Markets Decreases Following Upbeat Bank of America Earnings

Published 18/10/2022, 10:30
© Reuters.  Volatility In Markets Decreases Following Upbeat Bank of America Earnings
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U.S. stocks started the week on a strong note on Monday after the UK reversed its proposed tax cuts.

Upbeat quarterly results from Bank of America (NYSE: NYSE:BAC) also lifted overall market optimism in the previous session.

Bank of New York Mellon (NYSE: NYSE:BK) shares rose on Monday after the company reported better-than-expected Q3 EPS and revenue results.

The Nasdaq 100 climbed 3.46% to close at 11,062.53 on Monday amid a decline in Amazon.com, Inc. (NASDAQ: NASDAQ:AMZN) and Microsoft Corporation (NASDAQ: NASDAQ:MSFT) shares, while the S&P 500 rose 2.65%. The Dow Jones climbed around 551 points to settle at 30,185.82 in the previous session.

All the major sectors on the S&P 500 closed on a positive note, with consumer discretionary and real estate stocks recording the biggest surge on Monday.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 3.5% to 30.91 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.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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