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Volatility recedes, volume spikes


    NEW YORK (Reuters) - Volume in stocks surged on Tuesday as more than 11 billion shares changed hands on the New York Stock Exchange, NYSE Amex and Nasdaq.

    The CBOE volatility index closed at 17.99 -- its lowest level since April and below a key technical resistance at 18.

    Wall Street stocks eked out a small gain, but were well off session highs as investors' enthusiasm over a tax cut extension deal was short-circuited by rising bond yields and reports regulators were stepping up an insider trading probe.

    The Dow Jones industrial average dipped 3.03 points, or 0.03 percent, to 11,359.16. The Standard & Poor's 500 edged up 0.63 points, or 0.05 percent, to 1,223.75. The Nasdaq Composite gained 3.57 points, or 0.14 percent, to 2,598.49.

    The 11.1 billion shares was the highest volume since July 1, according to Reuters data.