The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Greed” zone on Friday.
U.S. stocks settled higher on Friday, with the S&P 500 and Dow Jones index surging to fresh highs during the session.
U.S. major averages also recorded gains for the fifth straight week, with the S&P 500 and Nasdaq adding 1.1% each, while the Dow gained 1.2% last week.
On the economic data front, core producer prices in the U.S. increased by 0.2% from the previous month for September compared to a 0.3% rise in August.
Shares of Wells Fargo & Company WFC gained around 5.6% on Friday after the company reported better-than-expected earnings for its third quarter. JPMorgan Chase & Co. JPM reported better-than-expected third-quarter FY24 earnings.
Most sectors on the S&P 500 closed on a positive note, with financials, real estate, and industrials stocks recording the biggest gains on Friday. However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 410 points to 42,863.86 on Friday. The S&P 500 rose 0.61% to 5,815.03, while the Nasdaq Composite rose 0.33% to close at 18,342.94 during Friday's session.
Investors are awaiting earnings results from Karooooo Ltd. KARO today.
What is CNN Business Fear & Greed Index?
At a current reading of 74.3, the index remained in the “Greed” zone on Friday, versus a prior reading of 69.1.
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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