Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a further increase in overall market sentiment, while the index remained in the "Greed" zone on Tuesday.
U.S. stocks closed mixed on Tuesday, with the Dow Jones index snapping a three-day winning streak. However, the S&P 500 hit a new all-time closing high during the session.
Shares of 3M Company (NYSE: MMM) fell around 11% on Tuesday after the company reported better-than-expected fourth-quarter EPS but issued FY24 EPS guidance below estimates. Verizon Communications Inc. (NYSE: VZ) shares gained 6.7% following better-than-expected fourth-quarter financial results. Johnson & Johnson (NYSE: JNJ) posted better-than-expected earnings for its fourth quarter.
On the economic data front, the composite manufacturing index in the U.S. Fifth District area declined to a reading of -15 in January, compared to December’s reading of -11.
Most sectors on the S&P 500 closed on a positive note, with consumer staples and communication services stocks recording the biggest gains on Tuesday. However, real estate and consumer discretionary stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 96 points to 37,905.45 on Tuesday. The S&P 500 rose 0.29% at 4,864.60, while the Nasdaq Composite rose 0.43% at 15,425.94 during Tuesday’s session.
Investors are awaiting earnings results from Tesla, Inc. (NASDAQ: TSLA), The Abbott Laboratories (NYSE: ABT), AT&T Inc. (NYSE: T) and International Business Machines Corporation (NYSE: IBM) today.
At a current reading of 72.9, the index remained in the "Greed" zone on Tuesday, versus a prior reading of 71.4.
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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