Investor Optimism Improves; Jobs Data In Focus
The CNN Money Fear and Greed index showed some improvement in overall market sentiment, while the index remained in the "Greed" zone on Thursday.
U.S. stocks closed higher on Thursday, with the Dow Jones and S&P 500 snapping their three-day losing streaks.
On the economic data front, U.S. initial jobless claims rose by 1,000 to 220,000 in the week ending Dec. 2, compared to market estimates of 222,000. U.S.-based employers announced plans to reduce 45,510 jobs during November.
Data on the U.S. jobs report will be released on Friday, with analysts expecting the US economy to add 180,000 jobs in November.
Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) shares gained more than 5% on Thursday after the company announced the launch of its Gemini AI model. Dollar General Corp (NYSE:DG) reported better-than-expected third-quarter results.
Most sectors on the S&P 500 closed on a positive note, with communication services and information technology stocks recording the biggest gains on Thursday. However, utilities and energy bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 63 points to 36,117.38 on Thursday. The S&P 500 rose 0.80% at 4,585.59, while the Nasdaq Composite climbed 1.37% at 14,339.99 during Thursday’s session.
Investors are awaiting earnings results from Hello Group Inc. (NASDAQ:MOMO) and Hello Group Inc. (NASDAQ:JOUT) today.
At a current reading of 64.1, the index remained in the "Greed" zone on Thursday versus a prior reading of 62.
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.
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