Dow Jumps Over 350 Points As Iran Strikes On US Military Bases Result In No Casualty: Fear Index Remains In 'Greed' Zone

The CNN Money Fear and Greed index showed a slight improvement in the overall market sentiment, while the index remained in the “Greed” zone on Monday.

U.S. stocks settled higher on Monday, with the Dow Jones index gaining more than 350 points during the session. Stocks recorded slight gains last week as the S&P 500 fell around 0.2%, and the 30-stock Dow gained 0.02%.

Investors looked past a sharp escalation in the Middle East, where Iran fired missiles at U.S. military bases in Qatar and Iraq, just 48 hours after American strikes targeted Iranian nuclear facilities.

According to Axios, citing Israeli officials, Iran launched six ballistic missiles at Al Udeid Air Base in Qatar, the largest U.S. military presence in the Middle East. Another missile was reportedly fired at a U.S. base in Iraq.

On the economic front, the S&P Global US services PMI fell to 53.1 in June versus 53.7 in the previous month, and compared to market expectations of 52.9. The S&P Global US manufacturing PMI came in unchanged from the previous month at 52 in June.

Shares of FactSet Research Systems FDS gained around 3.5% on Monday after the company posted results for the third quarter.

Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, consumer staples and real estate stocks recording the biggest gains on Monday. However, energy stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed higher by around 375 points to 42,581.78 on Monday. The S&P 500 rose 0.96% to 6,025.17, while the Nasdaq Composite climbed 0.94% at 19,630.97 during Monday's session.

Investors are awaiting earnings results from TD SYNNEX Corp. SNX, Carnival Corp. CCL and FedEx Corp. FDX today.

What is CNN Business Fear & Greed Index?

At a current reading of 56.4, the index remained in the “Greed” zone on Monday, versus a prior reading of 56.3.

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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