Fear & Greed Index Remains In 'Extreme Greed' Zone After Dow Gains For Sixth Consecutive Session

The CNN Money Fear and Greed index remained in the "Extreme Greed" zone on Monday.

The Dow Jones recorded gains for the sixth straight session on Monday, and settled at its highest level in 2023.

On the economic data front, the NY Empire State Manufacturing Index fell by 5.5 points from the prior month to a reading of +1.1 in July, topping market estimates of -4.3.

Traders are seeing around 97% chance that the US Federal Reserve will raise interest rates later this month, after halting rates in June.

The Dow Jones closed higher by around 76 points to 34,585.35 on Monday. The S&P 500 rose 0.39% at 4,522.79, while the Nasdaq Composite added 0.93% at 14,244.95 during the session.

Investors are awaiting earnings results from Bank of America Corporation BAC, Morgan Stanley MS and Lockheed Martin Corporation LMT today.

At a current reading of 80.0, the index remained in the "Extreme Greed" zone, versus a previous reading of 80.0

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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