Investor Fear Eases Following Surge In Tech Stocks

The CNN Money Fear and Greed index showed further easing in the fear level among U.S. investors.

US stocks closed higher on Wednesday, with tech stocks leading the gains. Shares of Meta Platforms, Inc. META and Meta Platforms, Inc. NFLX gained more than 2% during the session.

Shares of Micron Technology, Inc. MU gained more than 7% on Wednesday after the chipmaker reported results for its fiscal second quarter.

On the economic data front, pending home sales in the US rose 0.8% month-over-month in February to the highest level since August, versus an 8.1% increase in the previous month and also topping market expectations for a 2.3% decline.

The Dow closed higher by around 323 points to 32,717.60 on Wednesday. The S&P 500 rose 1.42% to 4,027.81, while the Nasdaq Composite added 1.79% to settle at 11,926.24 during the session.

Investors are awaiting earnings results from Manchester United plc MANU, Neogen Corporation NEOG and BlackBerry Limited BB today.

At a current reading of 40.0, the index remained in the "Fear" zone., versus a previous reading of 38.0

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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