Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index showed some easing in the fear level, but remained in the "Extreme Fear" zone on Wednesday.
U.S. stocks closed higher on Wednesday, with the Dow Jones index snapping a three-session losing streak as Treasury yields eased from multiyear highs.
RPM International Inc (NYSE: RPM) shares gained over 6% on Wednesday after the company reported better-than-expected first-quarter financial results. Shares of Acuity Brands, Inc. (NYSE: AYI) gained around 7% following better-than-expected quarterly earnings.
On the economic data front, the ADP said private businesses in the U.S. added 89,000 workers in September, the least since Jan. 2021, and down from market estimates of 153,000. U.S. factory orders, meanwhile, rose by 1.2% from the prior month to $586.1 million in August, versus market expectations for a 0.2% increase.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, communication services and information technology stocks recording the biggest gains on Wednesday. However, energy and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 127 points to 33,129.55 on Wednesday. The S&P 500 rose 0.81% at 4,263.75, while the Nasdaq Composite added 1.35% at 13,236.01 during Wednesday’s session.
Investors are awaiting earnings results from Levi Strauss & Co. (NYSE: LEVI), Conagra Brands, Inc. (NYSE: CAG) and Constellation Brands, Inc. (NYSE: STZ) today.
At a current reading of 18.6, the index remained in the "Extreme Fear" zone on Wednesday, compared to a previous reading of 17.6.
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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