S&P 500, Nasdaq Close at Record Highs As Wall Street Turns Bullish Amid Improving Investor Sentiment
The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, but the index remained in the “Fear” zone on Monday.
U.S. stocks recorded gains on Monday, with the S&P 500 settling at a fresh record high level during the session. The S&P 500 and Nasdaq notched their seventh weekly surge in eight weeks.
On the economic data front, the NY Empire State Manufacturing Index rose to -6 in June versus a reading of -15.6 in May and coming in better than market expectations of -12.50.
Shares of The Aaron's Company, Inc. (NYSE:AAN) jumped around 33% on Monday after the company announced that it entered into a definitive agreement to be acquired by IQVentures Holdings.
Most sectors on the S&P 500 closed on a positive note, with industrials, information technology and consumer discretionary stocks recording the biggest gains on Monday. However, utilities and real estate stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 189 points to 38,778.10 on Monday. The S&P 500 gained 0.77% at 5,473.23, while the Nasdaq Composite climbed 0.95% at 17,857.02 during Friday's session.
Investors are awaiting earnings results from Patterson Companies, Inc. (NASDAQ:PDCO), KB Home (NYSE:KBH) and America’s Car-Mart, Inc. (NASDAQ:CRMT) today.
What is CNN Business Fear & Greed Index?
At a current reading of 42, the index remained in the “Fear” zone on Monday, versus a prior reading of 38.6.
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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