Market Volatility Decreases As Dow Jumps More Than 700 Points

U.S. stocks closed higher on Friday, closing the week on a strong note.

All the three major indices recorded their best week since June, with the S&P 500 and Dow adding 4.7% and 4.9%, respectively last week.

The gains came despite the 10-year Treasury yield climbing to its highest level since 2008 along with a mixed bag of earnings results.

Shares of Snap Inc. SNAP dipped 28% on Friday following Q3 results. The company said it will not provide Q4 expectations due to uncertainties in the operating environment but believes it is likely that year-over-year revenue growth will decelerate as it moves through Q4.

The Nasdaq 100 jumped 2.39% to close at 11,310.33 on Friday amid gains in Apple Inc AAPL and Amazon.com, Inc. AMZN shares, while the S&P 500 surged 2.37%. The Dow Jones jumped around 749 points to settle at 31,082.56 in the previous session.

All the major sectors on the S&P 500 closed on a positive note, with materials, financials and consumer discretionary stocks recording the biggest surge on Friday.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 1% to close at 29.69 points on Friday.

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.