The CNN Money Fear and Greed index showed further improvement in overall market sentiment, but the index remained in the “Greed” zone on Wednesday.
U.S. stocks closed higher on Wednesday before inflation data and earnings were released. The consumer price index for December is scheduled for release on Thursday, while the producer price index will be released on Friday.
Rising Stocks: ISRG shares jumped over 10% after the company issued better-than-expected preliminary revenue estimates. Meanwhile, Lennar Corporation LEN saw a 3.5% rise in shares following the company’s increased dividend and announcement of an additional $5 billion repurchase authorization.
On the economic data front, U.S. wholesale inventories declined by 0.2% month-over-month in November compared to a revised 0.3% fall in the previous month.
Most sectors on the S&P 500 closed on a positive note, with communication services and information technology stocks recording the biggest gains on Wednesday. However, energy stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 170 points to 37,695.73 on Wednesday. The S&P 500 rose 0.57% at 4,783.45, while the Nasdaq Composite rose 0.75% at 14,969.65 during Wednesday’s session.
Investors are awaiting earnings results from Infosys Limited INFY, Rocky Concrete Pumping Holdings, Inc. BBCP, and Northern Technologies International Corporation NTIC today.
At a current reading of 74.5, the index remained in the “Greed” zone on Wednesday versus a prior reading of 72.
Understanding The CNN Business Fear & Greed Index
The Fear & Greed Index is a measure of current market sentiment 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 ranging from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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