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.
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