Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index remained in the "Fear" zone on Wednesday.
U.S. stocks closed higher on Wednesday after the Federal Reserve maintained interest rates for a second straight time. Bond yields, meanwhile, fell following the interest-rate decision.
The Kraft Heinz Company (NASDAQ: KHC) shares gained around 2.6% on Wednesday after releasing results for the third quarter. Yum! Brands, Inc. (NYSE: YUM) reported better-than-expected earnings for its third quarter.
On the economic data front, private businesses in the U.S. added 113,000 workers in October, compared to market estimates of a 150,000 increase and versus a gain of 89,000 in the prior month. The ISM manufacturing PMI fell to 46.7 in October versus 49 in the prior month, compared to market expectations of 49.
Most sectors on the S&P 500 closed on a positive note, with information technology and communication services stocks recording the biggest gains on Wednesday. However, energy and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 222 points to 33,274.58 on Wednesday. The S&P 500 rose 1.05% at 4,237.86, while the Nasdaq Composite gained 1.64% at 13,061.47 during Wednesday’s session. Wall Street recorded losses for October, with the Dow and the S&P 500 closing the month lower by 1.4% and 2.2%, respectively.
Investors are awaiting earnings results from Starbucks Corporation (NASDAQ: SBUX), ConocoPhillips (NYSE: COP), Apple Inc. (NASDAQ: AAPL), and Eli Lilly and Company (NYSE: LLY) today.
At a current reading of 32.1, the index remained in the "Fear" zone on Wednesday.
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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