The CNN Money Fear and Greed index showed further improvement in overall market sentiment after US stocks gained on Friday despite a plunge in Amazon.com AMZN shares.
On a weekly basis, the major indices notched notable gains, with the 30-stock Dow index gaining 5.7% last week to record its best performance since May.
Markets are now awaiting upcoming rate meeting from the US Federal Reserve.
Global Payments Inc. GPN, ON Semiconductor Corporation ON, The Goodyear Tire & Rubber Company GT and Stryker Corporation SYK are set to report quarterly earnings today.
The Dow rose 2.59% to close at 32,861.80 on Friday amid gains in industrial stocks. The S&P 500 rose 2.46% to 3,901.06, while the Nasdaq Composite jumped 2.87% to settle at 11,102.45 in the previous session amid gains in information technology and communication services stocks.
At a current reading of 60.0, the index remained in the "Greed" zone, following a previous reading of 58.0.
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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.