S&P 500 Records Gains; Market Volatility Falls

The S&P 500 closed higher on Friday amid optimism about debt ceiling.

The Dow Jones ended a five-session losing streak, while the S&P 500 settled at its strongest level since Aug. 2022.

The Philadelphia Semiconductor Index added around 6.3% on Friday. Marvell Technology, Inc. MRVL shares jumped over 32% on Friday after the company reported strong Q1 results and said it expects AI revenue to at least double in 2024.
On the economic data front, the personal consumption expenditure price index in the U.S. rose 0.4% month-over-month in April versus a 0.1% growth in March. Personal spending in the U.S. rose 0.8% month-over-month in April, while personal income increased by 0.4%.

Majority of the sectors on S&P 500 closed on a positive note, with information technology and consumer discretionary stocks recording the biggest gains on Friday. However, energy and health care stocks closed lower during the session.

The Nasdaq 100 jumped 2.58% to close at 14,298.41 on Friday, amid gains in shares of Amazon.com, Inc. AMZN and Apple Inc AAPL.

The S&P 500 rose 1.30%, while the Dow Jones rose 1% to 33,093.34 in the previous session. For the week, the S&P 500 added 0.3%, while the Dow lost 1.0%.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 6.2% to close at 17.95 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.

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