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 (NASDAQ:TSLA) surging 3.1%, while Apple Inc (NASDAQ: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.