Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index showed some easing in the overall fear level, but the index remained in the "Fear" zone on Friday.
U.S. stocks closed higher on Friday, following a surge in tech stocks. The tech-heavy Nasdaq Composite notched its biggest single-day percentage surge since May 26.
Shares of The Trade Desk, Inc. (NASDAQ: TTD) fell around 17% on Friday after the company posted upbeat results for its third quarter, but issued weak revenue guidance for the current quarter. Wynn Resorts, Limited (NASDAQ: WYNN) shares fell around 5.7% after the company reported better-than-expected earnings for its third quarter.
On the economic data front, the University of Michigan consumer sentiment declined to 60.4 in November, recording the lowest reading in six months, versus 63.8 in October and compared to market estimates of 63.7.
All sectors on the S&P 500 closed on a positive note, with information technology, consumer discretionary and communication services stocks recording the biggest gains on Friday.
The Dow Jones closed higher by around 392 points to 34,283.10 on Friday. The S&P 500 rose 1.56% at 4,415.24, while the Nasdaq Composite rose 2.05% at 13,798.11 during Friday’s session.
For the week, the Dow gained about 0.7%, while the S&P 500 and the Nasdaq gained 1.3% and 2.4%, respectively.
Investors are awaiting earnings results from XP Inc. (NASDAQ: XP), Henry Schein, Inc. (NASDAQ: HSIC) and Tyson Foods, Inc. (NYSE: TSN) today.
At a current reading of 42.3, the index remained in the "Fear" zone on Friday, versus a prior reading of 38.7.
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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