The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the “Neutral” zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones and S&P 500 recording their best week in the year following the election of Donald Trump as the 47th U.S. president.
The S&P 500 surged 4.66% last week, while the Dow gained 4.61% during that period, with both indices recording their best week since Nov. 2023. The Nasdaq, meanwhile, jumped 5.74% during the week.
On the economic data front, the University of Michigan consumer sentiment rose to 73 in November, recording the highest reading in seven months, versus a reading of 70.5 in October and also topping market estimates of 71.
Tesla, Inc. TSLA shares jumped 8.2% on Friday, extending gains following the U.S. presidential election. Shares of Applied Optoelectronics, Inc. AAOI surged 55% after the company reported better-than-expected third-quarter revenue results.
Most sectors on the S&P 500 closed on a positive note, with consumer staples, utilities, and real estate stocks recording the biggest gains on Friday. However, materials and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 260 points to 43,988.99 on Friday. The S&P 500 gained 0.38% to 5,995.54, while the Nasdaq Composite jumped 0.09% to close at 19,286.78 during Friday's session.
Investors are awaiting earnings results from Aramark ARMK, Live Nation Entertainment, Inc. NYSE: LYV), and monday.com Ltd. MNDY today.
What is CNN Business Fear & Greed Index?
At a current reading of 60.5, the index remained in the “Neutral” zone on Friday, versus a prior reading of 58.6.
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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