Dow Jones Jumps Over 200 Points Amid Improving Investor Sentiment: Fear Index Stays In 'Greed' Zone
The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Greed” zone on Monday.
U.S. stocks closed higher on Monday, with the Dow Jones index jumping more than 200 points during the session. The 30-stock blue-chip index gained around 1.6% last week.
After the assassination attempt during Donald Trump's rally in Butler, Pennsylvania, last Saturday, market-prediction odds indicate a 72% chance of the tycoon winning the 2024 elections.
On the economic data front, the NY Empire State Manufacturing Index fell to a reading of -6.6 in July, compared to market estimates of -6.
Goldman Sachs Group Inc. (NYSE:GS) reported better-than-expected results for its second quarter. BlackRock, Inc. (NYSE:BLK) shares edged lower on Monday after the company reported second-quarter FY24 results.
Most sectors on the S&P 500 closed on a positive note, with energy, financials, and industrial stocks recording the biggest gains on Monday. However, utilities and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by over 210 points to 40,211.72 on Monday. The S&P 500 rose 0.28% at 5,631.22, while the Nasdaq Composite climbed 0.40% at 18,472.57 during Monday's session.
Investors are awaiting earnings results from Bank of America Corporation (NYSE:BAC), Morgan Stanley (NYSE:MS), and UnitedHealth Group Incorporated (NYSE:UNH) today.
What is CNN Business Fear & Greed Index?
At a current reading of 62, the index remained in the “Greed” zone on Monday, versus a prior reading of 58.2.
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.
Read Next: