Market Volatility Declines Following Fed's Decision; Dow Gains For 13th Session

The S&P 500 closed slightly lower on Wednesday, while the Dow Jones recorded gains for the 13th straight session.

The Fed raised its benchmark overnight interest rate by 25 basis points on Wednesday.

Microsoft Corporation MSFT shares fell 3.8% on Wednesday after the company issued guidance below estimates. Shares of Snap Inc. SNAP fell over 14% after the company reported third-quarter results.

Major sectors on the S&P 500 closed on a mixed note, with communication services, industrials and financials stocks recording the biggest gains on Wednesday. However, information technology and materials stocks settled lower during the Wednesday’s session.

The Nasdaq 100 fell 0.40% to close at 15,499.26 on Wednesday, amid losses in shares of Microsoft Corp MSFT and Amazon.com, Inc. AMZN.

The S&P 500 fell 0.02%, while the Dow Jones gained 0.23% to 35,520.12 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 5.8% to close at 13.06 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.

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