S&P 500 Snaps Four-Session Losing Streak, Market Volatility Drops

US stocks closed higher on Thursday, with the S&P 500 snapping a four-day losing streak.

Investors assessed economic data, which showed US jobless claims dropping by 3,000 to 192,000 in the week ending Feb. 18, compared to market estimates of 200,000. The country’s economy grew by an annualized 2.7% on quarter during the fourth quarter, down from 2.9% in the advance estimate.

Moderna Inc MRNA shares fell 6.7% on Thursday after the company reported mixed Q4 financial results.

Major sectors on the S&P 500 closed on a mixed note, with information technology and energy stocks recording the biggest gains on Thursday. However, communication services and utilities closed higher lower the session.

The Nasdaq 100 rose 0.94% to close at 12,180.14 on Thursday, amid slight gains in shares of Microsoft Corp MSFT and Tesla Inc TSLA.

The S&P 500 gained 0.53%, while the Dow Jones added 0.53% to 4,012.32 in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 5.2% to 21.14 points on Thursday.

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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