Markets Remain Bullish After Dow Rises For Eighth Consecutive Session

The CNN Money Fear and Greed index remained in the "Extreme Greed" zone on Wednesday.

The Dow Jones gained recorded gains for the eighth straight session on Wednesday, its longest winning streak since Sept. 2019.

The Goldman Sachs Group, Inc. GS reported weaker-than-expected second-quarter earnings, while sales topped estimates. U.S. Bancorp USB reported a second-quarter total adjusted net revenue growth of 19.7% year-over-year to $7.197 billion

As far as the earnings season is concerned, out of the S&P 500 companies that have released quarterly results so far, around 78% of those exceeded profit estimates.

On the economic data front, housing starts in the U.S. fell by 8% month-over-month to an annualized rate of 1.434 million in June, compared to market estimates of 1.48 million. Building permits in the U.S. fell by 3.7% to an annual rate of 1.44 million in June.

The Dow Jones closed higher by around 109 points to 35,061.21 on Wednesday. The S&P 500 rose 0.24% at 4,565.72, while the Nasdaq Composite added 0.03% at 14,358.02 during the session.

Investors are awaiting earnings results from Johnson & Johnson JNJ, American Airlines Group Inc. AAL and Abbott Laboratories ABT today.

At a current reading of 82.0, the index remained in the "Extreme Greed" zone, versus a previous reading of 82.0

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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