US stocks closed higher on Tuesday, after the recent data showed the smallest annual rise in inflation in around one year.
The consumer price index rose 0.1% in November following a 0.4% increase in the previous month, according to the Labor Department. Economists, however, were expecting for a 0.3% increase in prices.
The US dollar also dropped over 1% against a basket of major peers on Tuesday following the release of inflation data.
The Federal Reserve is expected to announce a rate hike of 50 basis points at the end of today’s meeting.
Shares of Moderna, Inc (NASDAQ:MRNA) jumped around 20% on Tuesday after announcing that its Merck & Co, Inc MRK partnered cancer vaccine met the primary efficacy endpoint.
Majority of the sectors on the S&P 500 closed on a positive note, with energy and real estate stocks recording the biggest surge on Tuesday. However, consumer staples stocks traded lower during the session.
The Nasdaq 100 jumped 1.09% to close at 11,834.20 on Tuesday, amid gains in shares of Apple Inc (NASDAQ: AAPL) and Amazon.com, Inc. AMZN. The S&P 500 gained 0.73%, while the Dow Jones added 0.30% to 34,108.64 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) dipped 9.8% to 22.55 points on Tuesday.
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.
Image and article originally from www.benzinga.com. Read the original article here.