Market Volatility Decreases With Jackson Hole Conference In Focus

U.S. stocks closed mostly higher on Wednesday ahead of the Federal Reserve's Jackson Hole conference.

The S&P 500 recovered on Wednesday after losing ground in the prior three sessions amid renewed rate-hike concerns and energy crisis in Europe. The index has also rebounded 13% versus its mid-June low level.

Shares of Intuit Inc INTU gained 3.6% on Wednesday after the company reported better-than-expected Q4 results and issued strong FY23 sales guidance.

The Nasdaq 100 rose 0.28% to close at 12,917.86 on Wednesday, while the S&P 500 rose 0.29%. The Dow Jones gained around 60 points to settle at 32,969.23 in the previous session.

All the major sectors on the S&P 500 closed on a higher note, with energy stocks recording the biggest surge on Wednesday.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 5.4% to 22.82 points on Wednesday.

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.