The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the “Greed” zone on Monday.
U.S. stocks settled higher on Monday, with the Dow Jones jumping more than 300 points to settle above the 44,000 level for the first time, extending gains following the election of Donald Trump as the 47th U.S. president.
Wall Street recorded gains last week, with the S&P 500 surging 4.66% last week and the Dow gaining 4.61%. The Nasdaq, meanwhile, jumped 5.74% during the week.
Tesla, Inc. (NASDAQ:TSLA) shares jumped around 9% on Monday, extending gains following the U.S. presidential election. Shares of big banks, including, JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), and Citigroup (NYSE:C) all closed higher on Monday.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, financials, and industrials stocks recording the biggest gains on Monday. However, information technology and real estate stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 304 points to 44,293.13 on Monday. The S&P 500 gained 0.10% to 6,001.35, while the Nasdaq Composite rose 0.06% to close at 19,298.76 during Monday's session.
Investors are awaiting earnings results from Tyson Foods, Inc. (NYSE:TSN), The Home Depot, Inc. (NYSE:HD), and Occidental Petroleum Corporation (NYSE:OXY) today.
What is CNN Business Fear & Greed Index?
At a current reading of 67.9, the index remained in the “Greed” zone on Monday, versus a prior reading of 62.7.
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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