Fear & Greed Index Moves To 'Greed' Zone As Dow Jumps Over 300 Points

The CNN Money Fear and Greed index moved to the "Greed" zone on Monday.

The Dow Jones jumped more than 300 points during the session, as investors digested news of an oil output cut from the OPEC+.

OPEC+, a consortium comprising 22 oil-producing nations, announced Sunday coordinated production cuts that could aggregate to about 1.16 million barrels per day.

The Energy Select Sector SPDR fund jumped over 4% on Monday, with shares of Marathon Oil Corporation MRO and Halliburton Company HAL recording sharp gains during the session.

The Dow closed higher by around 327 points to 33,601.15 on Monday. The S&P 500 rose 0.37% to 4,124.51, while the Nasdaq Composite lost 0.27% to settle at 12,189.45 during the session.

Investors are awaiting earnings results from Acuity Brands, Inc. AYI, MSC Industrial Direct Co., Inc. MSM and SMART Global Holdings, Inc. SGH today.

At a current reading of 61.0, the index moved to the "Greed" zone, versus a previous reading of 49.0

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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