The CNN Money Fear and Greed index showed a decline in overall market sentiment, but the index remained in the "Extreme Greed" zone on Wednesday.
U.S. stocks closed higher on Wednesday, with the Dow Jones notching a new closing high during the session. The S&P 500 also hovered near its closing record of 4,796.56 recorded during Jan. 2022.
On the economic data front, the Manufacturing Activity Index in the Richmond area fell to -11 in December, recording the lowest reading in ten months and versus a reading of -5 in the prior month. The U.S. Fifth District Survey of Service Sector Activity's revenues index fell to 0 in December compared to November’s reading of 1.
Shares of Iovance Biotherapeutics, Inc. IOVA fell around 19% during Wednesday’s session after the company announced a clinical program update for LN-145 TIL therapy in non-small lung cancer (NSCLC).
Most sectors on the S&P 500 closed on a positive note, with health care, real estate and consumer staples stocks recording the biggest gains on Wednesday. However, energy and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 111 points to 37,656.52 on Wednesday. The S&P 500 rose 0.14% at 4,781.58, while the Nasdaq Composite gained 0.16% at 15,099.18 during Wednesday’s session.
The Dow and S&P 500 are on course to close the year higher by 13% and 24%, respectively.
At a current reading of 77.4, the index remained in the "Extreme Greed" zone on Wednesday, versus a prior reading of 80.
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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