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U.S. stocks settled sharply higher on Thursday, with the S&P 500 and Nasdaq recording their biggest daily percentage gains in around 2-1/2 years.

Investors cheered latest inflation data, which showed the annual CPI figure falling below the 8% mark for the first time in eight months.

Shares of Amazon.com, Inc AMZN jumped over 12% on Thursday on reports the company has launched a cost-cutting review focused on unprofitable businesses.

The Nasdaq 100 jumped 7.49% to close at 11,605.96 on Thursday, amid gains in shares of Apple Inc. AAPL and Tesla Inc TSLA. The S&P 500 surged 5.54%, while the Dow Jones climbed around 1,201 points to settle at 33,715.37 in the previous session.

All the major sectors on the S&P 500 closed on a positive note, with real estate and consumer discretionary stocks recording the biggest surge on Thursday.

The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) dropped sharply to two-month low level of around 23 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.


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