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U.S. stocks recorded sharp gains on Wednesday, after the inflation data slowed higher than expected in July, increasing prospects that the Federal Reserve might become less aggressive on rates increases.
The Consumer Price Index remained flat in July after increasing 1.3% in the previous month, according to the Labor Department. Annual inflation rate increased by a less-than-expected 8.5% in July following a 9.1% increase in June.
Shares of Walt Disney DIS jumped around 6.9% in after-hours trading on Wednesday after the company reported better-than-expected Q3 results.
The Nasdaq 100 jumped 2.85% to close at 13,378.32 on Wednesday. The Dow Jones and S&P 500, meanwhile, jumped 1.63% and 2.13%, respectively. The Nasdaq is now up more than 20% from its June low level.
All the major sectors on the S&P 500 closed on a higher note, with materials and consumer discretionary stocks recording the biggest surge on Wednesday.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) dipped 9.3% to 19.74 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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Image and article originally from www.benzinga.com. Read the original article here.