U.S. stocks were significantly higher on Thursday, with the S&P 500 and Nasdaq posting their biggest daily percentage gains in about 2-1/2 years.

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

shares of Amazon.com, Inc AMZN rose more than 12% on Thursday after reports the company launched a cost-cutting audit focused on unprofitable businesses.

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

All major sectors of the S&P 500 ended positively, with real estate and consumer discretionary stocks posting the biggest gains on Thursday.

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

What is the CBOE Volatility Index?

The CBOE Volatility Index, popularly known as the VIX, is a measure of stock market volatility expectations based on call and put options of the S&P 500 index options.