Equity volatility drops; trading volume increases

The Cboe Volatility index has dropped for the past couple of months. It fell to an average of 12.72 in December from October's 18.94. During that span, the S&P 500 index's average monthly level rose to 4,685.05 from 4,266.25. The VIX averaged 21.76 in December 2022, and the S&P 500's average level was 3,912.38.

There was a -0.93 correlation between the average VIX and S&P 500.

Average daily volume picked up in December. It was 12.4 billion shares last month, compared with the July to November period when it was as low as 10.3 billion and as high as 10.6 billion. A year ago, the average volume was 10.8 billion shares.

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