Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index showed easing in the overall fear level, but the index remained in the "Fear" zone on Friday.
U.S. stocks closed higher on Friday, with the major indices recording their best week in 2023 following the release of jobs data for October.
The U.S. economy added 150,000 jobs in October compared to a revised 297,000 gain in September, and versus market estimates of 180,000. The unemployment rate rose to 3.9% in October from 3.8% a month ago. Average hourly earnings for all employees on private nonfarm payrolls rose by 0.2% to $34.00 in October.
The Federal Reserve, last week, maintained interest rates for a second consecutive time.
Apple, Inc. (NASDAQ: AAPL) reported stronger-than-expected earnings and sales results for its fourth quarter on Thursday. Phillips 66 (NYSE: PSX) posted downbeat earnings for its third quarter on Friday.
Most sectors on the S&P 500 closed on a positive note, with real estate and materials stocks recording the biggest gains on Friday. However, energy stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 222 points to 34,061.32 on Friday. The S&P 500 rose 0.94% at 4,358.34, while the Nasdaq Composite gained 1.38% at 13,478.28 during Friday’s session.
The Dow gained around 5.07% to record its best week since Oct. 2022, while the S&P 500 added 5.85% last week.
Investors are awaiting earnings results from DISH Network Corporation (NASDAQ: DISH), Constellation Energy Corporation (NASDAQ: CEG), NXP Semiconductors N.V. (NASDAQ: NXPI) and The Goodyear Tire & Rubber Company (NASDAQ: GT) today.
At a current reading of 41.6, the index remained in the "Fear" zone on Friday, versus a previous reading of 35.5.
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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