The CNN Money Fear and Greed index remained in the “Greed” zone after US stocks recorded sharp gains on Tuesday.
The S&P 500 settled above the 4,000 level for the first time since September.
Best Buy Co., Inc. BBY reported upbeat results for its third quarter, while Abercrombie & Fitch Co. ANF also exceeded market expectations. Zoom Video Communications ZM, however, issued guidance below estimates.
US stock market will be closed on Thursday for the Thanksgiving holiday.
The Dow jumped 1.18% to close at 34,098.10 on Tuesday. The S&P 500 rose 1.36% to 4,003.58, while the Nasdaq Composite jumped 1.36% to settle at 11,174.41 in the previous session.
Deere & Company DE and Lufax Holding Ltd LU are set to report quarterly earnings today.
At a current reading of 62.0, the index remained in the “Greed” zone, compared to a previous reading of 62.0.
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.
Image and article originally from www.benzinga.com. Read the original article here.