The CNN Money Fear and Greed index showed a decline in the fear level among US investors following upbeat corporate earnings reports.

US stocks rebounded on Monday following Friday's selloff after the UK reversed its proposed tax cuts.

Bank of America (NYSE:BAC) on Monday reported upbeat quarterly results, while Bank of New York Mellon (NYSE:BK) results also topped market estimates.

The Dow rose 1.86% to close at 30,185.82 on Monday, while the S&P 500 jumped 2.65% to 3,677.95. The Nasdaq Composite rose 3.43% to settle at 10,675.80 in the previous session, recording its best session since July, amid a rise in Tesla Inc (NASDAQ:TSLA) and Amazon.com, Inc. (NASDAQ:AMZN) shares.

Investors are now awaiting earnings reports from Johnson & Johnson (NYSE:JNJ), The Goldman Sachs Group, Inc. (NYSE:GS), and Netflix, Inc. (NASDAQ:NFLX).

At a current reading of 32.0, the index removed to the "fear" zone, following a previous reading of 21.0.

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.