The CNN Money Fear and Greed index moved to the “Greed” zone on Thursday following a rise in U.S. stocks.
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U.S. stocks closed mostly higher on Thursday with tech stocks leading the rally. The S&P 500 still closed the week down 0.1%, recording its first losing week in four, while the Dow Jones gained 0.6% last week.
Investors assessed the recent economic reports, which showed U.S. jobless claims falling by 18 thousand to 228 thousand in the week ending April 1. Private businesses in the U.S. added 145,000 jobs in March versus a revised 261,000 in February and compared to expectations of 200,000. Job openings also dropped to 9.9 million in February, versus market estimates of 10.4 million.
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The Dow closed higher by around 3 points to 33,485.29 on Thursday. The S&P 500 rose 0.36% to 4,105.02, while the Nasdaq Composite added 0.76% to settle at 12,087.96 during the session.
Investors are awaiting earnings results from PriceSmart, Inc. (NASDAQ: PSMT) and Tilray Brands, Inc. (NASDAQ: PSMT) today.
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At a current reading of 57.0, the index remained in the “Greed” zone, versus a previous reading of 53.0
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.
