Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index remained in the "Fear" zone on Tuesday.
The S&P 500 settled almost flat on Tuesday as investors monitored corporate earnings season. The 10-year U.S. Treasury yield climbed to its highest level since Oct. 6.
Bank of America Corp (NYSE: BAC) reported better-than-expected earnings for its third quarter on Tuesday, while Goldman Sachs Group Inc (NYSE: GS) also reported upbeat earnings for its third quarter.
On the economic data front, U.S. retail sales rose 0.7% month-over-month in September versus a revised 0.8% increase in August, topping estimates of a 0.3% increase. U.S. industrial production rose 0.3% month-over-month in September, beating market expectations for a flat reading.
Most sectors on the S&P 500 closed on a positive note, with materials and energy stocks recording the biggest gains on Tuesday. However, information technology and real estate stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 13 points to 33,997.65 on Tuesday. The S&P 500 fell 0.01% at 4,373.20, while the Nasdaq Composite fell 0.33% at 15,122.01 during Tuesday’s session.
Investors are awaiting earnings results from Netflix, Inc. (NASDAQ: NFLX), Tesla, Inc. (NASDAQ: TSLA), Morgan Stanley (NYSE: MS) and The Procter & Gamble Company (NYSE: PG) today.
At a current reading of 35.5, the index remained in the "Fear" zone on Tuesday, compared to a previous reading of 35.5.
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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