The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the “Greed” zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index closing at a fresh record level during the session.
Major indices on Wall Street recorded gains last week, with the Dow gaining around 2% and the S&P 500 adding around 1.7%.
Ross Stores (NASDAQ:ROST) shares gained 2% on Friday after the company reported better-than-expected third-quarter EPS results. Elastic N.V. (NYSE:ESTC) shares jumped around 15% after the company reported better-than-expected second-quarter financial results and issued FY25 guidance above estimates.
On the economic data front, the S&P Global US Services PMI climbed to 57 in November versus 55 in the previous month, while manufacturing PMI increased to 48.8 in November from 48.5 in the previous month. The University of Michigan consumer sentiment for the US fell to 71.8 in November versus a preliminary reading of 73.
Most sectors on the S&P 500 closed on a positive note, with industrials, financials, and consumer discretionary stocks recording the biggest gains on Friday. However, utilities and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 426 points to 44,296.51 on Friday. The S&P 500 rose 0.35% to 5,969.34, while the Nasdaq Composite rose 0.16% to close at 19,003.65 during Friday’s session.
Investors are awaiting earnings results from Bath & Body Works, Inc. (NYSE:BBWI), Agilent Technologies, Inc. (NYSE:A), and Zoom Video Communications, Inc. (NASDAQ:ZM) today.
What is CNN Business Fear & Greed Index?
At a current reading of 60.9, the index remained in the “Greed” zone on Friday, versus a prior reading of 57.7.
The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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