Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index remained in the "Fear" zone on Thursday.
U.S. stocks closed sharply higher on Thursday, amid a decline in Treasury yields. The Dow Jones jumped more than 550 points, recording its best day since June.
Starbucks Corp (NASDAQ: SBUX) reported better-than-expected fourth-quarter financial results. S&P Global Inc. (NYSE: SPGI) reported better-than-expected third-quarter financial results and raised its annual profit outlook.
On the economic data front, U.S. initial jobless claims increased by 5,000 to 217,000 in the week ending Oct. 28, compared to market estimates of 210,000. Unit labor costs in the U.S. nonfarm business sector fell by 0.8% in the third quarter versus a revised 3.2% rise in the prior three-month period.
The Federal Reserve, on Wednesday, maintained interest rates for a second consecutive time.
All sectors on the S&P 500 closed on a positive note, with energy and real estate stocks recording the biggest gains on Thursday.
The Dow Jones closed higher by around 564.5 points to 33,839.08 on Thursday. The S&P 500 rose 1.89% at 4,317.78, while the Nasdaq Composite gained 1.78% at 13,294.19 during Thursday’s session.
Investors are awaiting earnings results from Owens & Minor, Inc. (NYSE: OMI), Cardinal Health, Inc. (NYSE: CAH), Fluor Corporation (NYSE: FLR) and Magna International Inc (NYSE: MGA) today.
At a current reading of 33, the index remained in the "Fear" zone on Thursday.
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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