Benzinga - by Lisa Levin, Benzinga Editor.
On Thursday, the CNN Money Fear and Greed index remained in the "Greed" zone.
The Dow Jones gained over 500 points to a new high for the year as investors assessed the recent PCE data. The personal consumption expenditure price index in the U.S. came in flat month-over-month in October following a 0.4% increase in September. Annual core PCE inflation eased to 3.5% from 3.7%.
U.S. initial jobless claims, meanwhile, increased by 7,000 to 218,000 in the week ending Nov. 25, versus the revised reading of 211,000 in the prior week and compared to market estimates of 220,000. The Chicago PMI rose to 55.8 in November from 44 a month ago.
Shares of Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) fell more than 10% on Thursday after the company released results for its first quarter. Salesforce, Inc. (NYSE: CRM) shares climbed over 9% on Thursday after the company reported third-quarter financial results and issued FY24 guidance above estimates.
Most sectors on the S&P 500 closed on a positive note, with healthcare and industrial stocks recording the biggest gains on Thursday. However, communication services and consumer discretionary stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 520 points to 35,950.89 on Thursday. The S&P 500 rose 0.38% at 4,567.80, while the Nasdaq Composite fell 0.23% at 14,226.22 during Thursday’s session.
The Dow gained around 8.9% in November, snapping its three-month losing streak, while the S&P 500 gained 8.9% last month.
Investors are awaiting earnings results from Genesco Inc. (NYSE: GCO) and Bank of Montreal (NYSE: BMO) today.
At a current reading of 63.3, the index remained in the "Greed" zone on Thursday, versus a prior reading of 64.8.
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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