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The CNN Money Fear and Greed index remained in the "Fear" zone despite US stocks rising for a second session.
The Dow Jones jumped more than 500 points on Wednesday following strong earnings reports from NIKE, Inc. (NYSE:NKE) and FedEx Corporation (NYSE:FDX).
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Market sentiment was also boosted by stronger-than-expected data on consumer confidence for December.
The Dow closed higher by around 527 points to 33,376.48 on Wednesday. The S&P 500 rose 1.49% to 3,878.44, while the Nasdaq Composite rose 1.54% to settle at 10,709.37 in the previous session.
CarMax, Inc. (NYSE:KMX), Paychex, Inc. (NASDAQ:PAYX), and Apogee Enterprises, Inc. (NASDAQ:APOG) are set to report quarterly earnings today.
At a current reading of 38.0, the index remained in the "Fear" zone, compared to a previous reading of 38.0.
What is CNN Business Fear & Greed Index?
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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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.