The S&P 500 index settled higher on Friday in a choppy session, as investors shrugged off hawkish comments from Fed officials about interest rate increases.
Shares of The Gap, Inc. GPS jumped over 7% on Friday after the company reported better-than-expected Q3 sales results.
Majority of the sectors on the S&P 500 closed on a positive note, with utilities and real estate stocks recording the biggest surge on Friday. However, energy and communication services stocks traded lower in the previous session.
For the week, the S&P 500 dropped 0.7%, while the Nasdaq declined 1.6% for the week.
The Nasdaq 100 rose 0.01% to close at 11,677.02 on Friday, amid slight gains in shares of Meta Platforms Inc META and Apple Inc AAPL. The S&P 500 rose 0.48%, while the Dow Jones jumped around 200 points to settle at 33,745.69 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) gained 0.13% to 23.96 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.