The CNN Money Fear and Greed index showed some easing in overall market sentiment, but the index remained in the "Greed" zone on Thursday.
U.S. stocks closed higher on Thursday, with the 10-year Treasury falling below 4%. The Fed, on Wednesday, maintained the rate at a range of 5.25%-5.5%, but projected a gradual reduction in the rate, with an expectation of reaching 4.6% by the end of 2024.
On the economic data front, retail sales in the U.S. rose by 0.3% month-over-month in November following a revised 0.2% decline in October. Analysts, however, were expecting a 0.1% decline in sales. U.S. initial jobless claims fell by 19,000 to 202,000 in the week ending Dec. 9, well below market estimates of 220,000.
Shares of Moderna, Inc. MRNA gained over 9% on Thursday after the company, and Merck, announced follow-up data from the Phase 2b randomized KEYNOTE-942/mRNA-4157-P201 study in patients with resected high-risk melanoma following complete resection.
Most sectors on the S&P 500 closed on a positive note, with energy and real estate stocks recording the biggest gains on Thursday. However, consumer staples and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed at a record high, gaining by around 158 points to 37,248.35 on Thursday. The S&P 500 rose 0.26% at 4,719.55, while the Nasdaq Composite climbed 0.19% at 14,761.56 during Thursday’s session.
Investors are awaiting earnings results from Darden Restaurants, Inc. DRI and Red Cat Holdings, Inc. RCAT today.
At a current reading of 72.1, the index remained in the "Greed" zone on Thursday, versus a prior reading of 72.5.
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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