The CNN Money Fear and Greed index showed the index moving to "Greed" zone.
Shares of Harley-Davidson (NYSE:HOG) gained around 13% on Wednesday after reporting upbeat quarterly earnings. The Boeing Company (NYSE:BA) shares declined about 9% after the company posted a loss for the latest quarter.
The Dow rose 0.01% to close at 31,839.11 on Wednesday, while the S&P 500 fell 0.74% to 3,830.60. The Nasdaq Composite dipped 2.04% to settle at 10,970.99 in the previous session.
At a current reading of 57.0, the index moved to the "Greed" zone, following a previous reading of 54.0.
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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