Benzinga - The CNN Money Fear and Greed index moved to the "Greed" zone following a sharp rise in U.S. stocks.
The Dow Jones jumped more than 500 points on Friday, snapping a four-session losing streak after Apple Inc (NASDAQ: AAPL) reported better-than-expected quarterly results.
Despite Friday’s surge in stocks, the Dow and the S&P 500 recorded their worst week since March. The Dow fell 1.24%, while the S&P 500 lost 0.8% last week.
Markets also cheered strong jobs data for the month of April. The US economy added 253,000 jobs last month, beating market expectations of 180,000 and versus a revised 165,000 gain in March. The unemployment rate fell to 3.4% in April, versus market expectations of 3.6%. Average hourly earnings increased by 0.5% to $33.36 in April.
The Dow Jones closed higher by around 547 points to 33,674.38 on Friday. The S&P 500 rose 1.85% at 4,136.25, while the Nasdaq Composite rose 2.25% to settle at 12,235.41 during the session.
Investors are awaiting earnings results from Tyson Foods, Inc. (NYSE: TSN), DISH Network Corporation (NASDAQ: DISH) and PayPal Holdings, Inc (NASDAQ: PYPL) today.
At a current reading of 59.0, the index moved to 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.
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