On Wednesday, the CNN Money Fear and Greed index showed a flicker of improvement in overall market sentiment, basking in the “Greed” territory.
As the sun set on Wednesday, U.S. stocks glowed with pride, and the S&P 500 shimmered at a fresh record level. In the first quarter, the index has shown a dazzling 10% rise, hinting at its best performance since the sunny days of 2019.
In the stock market’s grand ballroom, Cintas Corporation CTAS stole the show by surging 8% after waltzing in with better-than-expected third-quarter financial results. Meanwhile, Direct Digital Holdings, Inc. DRCT stumbled and fell, losing over 39% as it failed to impress with its fourth-quarter financial report.
Stepping into the economic arena, U.S. mortgage applications took a slight dip by 0.7% on the week ending March 22, 2024. Meanwhile, the Energy Information Administration caused a stir by revealing an unexpected 3.165 million-barrel increase in U.S. crude oil inventories, defying the market’s anticipation of a 1.275 million-barrel decline.
All corners of the S&P 500 ballroom lit up in joy, with utilities, real estate, and industrials stocks leading the merry dance on Wednesday.
In a dramatic climax, the Dow Jones gallantly rose by approximately 478 points, hitting the dazzling heights of 39,760.08 on Wednesday. The S&P 500 strutted confidently, marking an 0.86% ascent to 5,248.49, while the Nasdaq Composite showcased its own routine with a 0.51% leap to 16,399.52 during the day’s performance.
Venture capitalists across the realm are eagerly awaiting the earnings ballads of Oxford Industries, Inc. OXM, MSC Industrial Direct Co., Inc. MSM, and Walgreens Boots Alliance, Inc. WBA today.
Bathed in a glow of 70, the index remained in the “Greed” zone on Wednesday, a slight uptick from its previous 68.
What Secrets Lurk within the CNN Business Fear & Greed Index?
The Fear & Greed Index serves as a compass for current market sentiment, hinting at the ebbs and flows of fear and greed that sway stock prices. An alchemical blend of seven indicators, the index paints a vivid picture from 0, a realm ruled by fear, to 100, a land ripe with the fruits of greed.
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