The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Fear” zone on Thursday.
U.S. stocks settled higher on Thursday, with the S&P 500 recording gains for the fourth straight session.
Shares of megacap tech and semiconductor companies continued to record gains, with Nvidia Corp. (NASDAQ:NVDA) rising around 1.9% during the session. Shares of Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) also closed higher by around 2.3% on Thursday.
Signet Jewelers Limited (NYSE:SIG) posted better-than-expected second-quarter earnings and stronger than anticipated third-quarter revenue outlook.
On the economic data front, U.S. producer prices rose 0.2% month-over-month in August compared to a revised flat reading in the previous month and higher than market estimates of 0.1%. U.S. initial jobless claims increased by 2,000 from the earlier week to 230,000 in the week ending Sept. 7.
All sectors on the S&P 500 closed on a positive note, with communication services, energy, and consumer discretionary stocks recording the biggest gains on Thursday.
The Dow Jones closed higher by around 235 points to 41,096.77 on Thursday. The S&P 500 rose 0.75% to 5,595.76, while the Nasdaq Composite jumped 1% to close at 17,569.68 during Thursday's session.
Investors are awaiting earnings results from SelectQuote, Inc. (NYSE:SLQT) and Cheetah Mobile Inc. (NYSE:CMCM) today.
What is CNN Business Fear & Greed Index?
At a current reading of 42.3, the index remained in the “Fear” zone on Thursday, versus a prior reading of 39.1.
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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