Market Volatility Decreases As S&P 500 Notches Gains For 4th Straight Week

U.S. stocks closed higher on Friday, also recording gains for the week.

Signs that inflation may have peaked boosted overall market sentiment, which resulted in the S&P 500 and the Nasdaq recording gains for the fourth week in a row.

The Nasdaq 100 surged 2.06% to close at 13,565.87 on Friday, while the S&P 500 gained 1.73%. The Dow Jones gained around 424 points to settle at 33,761.05 in the previous session.

Major sectors on the S&P 500 closed on a positive note, with consumer discretionary and information technology stocks recording the biggest surge on Friday.

Banking stocks extended their rally for a sixth consecutive week.

LegalZoom.com, Inc. (NASDAQ: LZ) gained 18% on Friday after the company reported better-than-expected Q2 adjusted EPS and sales results.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 3.3% to 19.53 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.