The CNN Money Fear and Greed index showed further improvement in overall market sentiment, while the index moved to the “Neutral” zone on Thursday.
U.S. stocks settled higher on Thursday, with the S&P 500 surging to record highs during the session after President Donald Trump called for cheaper oil prices.
Trump addressed the World Economic Forum via videoconference, advocating for expanded oil & gas production and proposing a 15% corporate tax rate for businesses relocating manufacturing to the U.S. He also reiterated plans to impose tariffs on countries with large trade deficits with the U.S., issuing warnings to Europe, Canada, and China.
American Airlines Group Inc. AAL reported better-than-expected fourth-quarter 2024 results but issued a weak outlook. GE Aerospace GE reported stronger-than-expected earnings for its fourth quarter.
On the economic data front, U.S. initial jobless claims increased by 6,000 from the previous week to 223,000 in the week ending Jan. 18, compared to market estimates of 220,000.
All sectors on the S&P 500 closed on a positive note, with health care, real estate, and industrials stocks recording gains on Thursday.
The Dow Jones closed higher by around 408 points to 44,565.07 on Thursday. The S&P 500 rose 0.53% to 6,118.71, while the Nasdaq Composite climbed 0.22% at 20,053.68 during Thursday's session.
Investors are awaiting earnings results from HCA Healthcare Inc. HCA, Verizon Communications Inc. VZ )) and American Express Co. AXP today.
What is CNN Business Fear & Greed Index?
At a current reading of 47, the index moved to the “Neutral” zone on Thursday, versus a prior reading of 42.3.
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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