Volatility In Markets Decreases Following Upbeat Bank of America Earnings

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 BAC also lifted overall market optimism in the previous session.

Bank of New York Mellon 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. AMZN and Microsoft Corporation 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.