Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a decline in the overall market sentiment, with the index remaining in the "Fear" zone on Tuesday.
U.S. stocks closed mixed on Tuesday amid increased geopolitical concerns. The Dow Jones index, meanwhile, snapped its six-session losing streak.
On the economic data front, industrial production in the U.S. increased by 0.4% from the prior month in March versus a revised 0.4% rise in the prior month. U.S. building permits declined by 4.3% to an annual rate of 1.458 million in March, while housing starts in the U.S. dipped 14.7% month-over-month to an annual rate of 1.321 million.
Bank of America Corp (NYSE: BAC) reported better-than-expected earnings for its first quarter. Morgan Stanley (NYSE: MS) reported stronger-than-expected quarterly financial results.
Most sectors on the S&P 500 closed on a negative note, with utilities, real estate and energy stocks recording the biggest losses on Tuesday. However, information technology and consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 64 points to 37,798.97 on Tuesday. The S&P 500 fell 0.21% at 5,051.41, while the Nasdaq Composite slipped 0.12% at 15,865.25 during Tuesday’s session.
Investors are awaiting earnings results from The Travelers Companies, Inc. (NYSE: TRV), U.S. Bancorp (NYSE: USB) and Abbott Laboratories (NYSE: ABT) today.
At a current reading of 37.6, the index moved to the "Fear" zone on Tuesday, versus a prior reading of 39.7.
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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