Markets closed sharply higher on Thursday, as weaker-than-expected inflation data eased fears of faster interest rate hikes this year. The solid gains were led by a rally in tech stocks, with shares of Apple closing at a record high. Also, energy stocks continued to perform well. This saw all three major indexes ending the day in positive territory.
The Dow Jones Industrial Average (DJI) rose 0.8%, to close at 24,739.53, registering its sixth straight day of gains. The S&P 500 increased 0.9% to close at 2,723.07. The Nasdaq Composite Index closed at 7,404.97, increasing 0.9%. The Cboe Volatility Index (VIX), dropped 2.6% to 13.10. A total of 6.7 billion shares were traded on Wednesday, higher than the last 20-session average of 6.6 billion shares. Advancers outnumbered decliners on the NYSE by a 2.57-to-1 ratio. On Nasdaq, a 1.65-to-1 ratio favored advancing issues.