The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index moved to the “Greed” zone on Thursday.
U.S. stocks settled higher on Thursday, with the Dow Jomes index gaining more than 450 points during the session.
NVIDIA Corporation (NASDAQ:NVDA) shares rose by 0.5% on Thursday after the company posted upbeat earnings and sales results. Amazon (NASDAQ:AMZN) shares fell 2.2% on Thursday following a report suggesting the company is likely to be investigated under the EU’s Digital Markets Act next year.
Shares of Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) plunged around 4.7% following the U.S. Department of Justice’s (DOJ) announcement of sweeping remedies in its high-profile antitrust lawsuit against Google.
On the economic data front, U.S. existing home sales gained by 3.5% from the previous month to an annualized rate of 3.96 million in October. The Philadelphia Fed Manufacturing Index fell to -5.5 in November from 10.3 in the previous month, and compared to market estimates of 8. U.S. initial jobless claims declined by 6,000 from the previous week to 213,000 in the week ending Nov. 16.
Most sectors on the S&P 500 closed on a positive note, with utilities, financials, and consumer staples stocks recording the biggest gains on Thursday. However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 462 points to 43,870.35 on Thursday. The S&P 500 rose 0.53% to 5,948.71, while the Nasdaq Composite rose 0.03% at 18,972.42 during Thursday’s session.
Investors are awaiting earnings results from Destination XL Group, Inc. (NASDAQ:DXLG) and Global Blue Group Holding AG (NYSE:GB) today.
What is CNN Business Fear & Greed Index?
At a current reading of 57.4, the index moved to the “Greed” zone on Thursday, versus a prior reading of 49.6.
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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