Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the "Extreme Greed" zone on Thursday.
U.S. stocks closed higher on Thursday, after the S&P 500 briefly surpassed the 5,000 mark for the first time on record.
Shares of The Walt Disney Company (NYSE: DIS) jumped 11.5% on Thursday after the company reported better-than-expected earnings for its first quarter and declared a cash dividend of 45 cents per share. Arm Holdings plc (NASDAQ: ARM) shares surged around 48% after the company reported better-than-expected third-quarter financial results and issued FY24 guidance above estimates.
On the economic data front, U.S. initial jobless claims declined by 9,000 from the previous week's revised reading to 218,000 during the recent week, compared to market estimates of 220,000. U.S. wholesale inventories increased by 0.4% month-over-month in December compared to a 0.4% decline in the previous month.
Most sectors on the S&P 500 closed on a positive note, with energy, real estate, and communication services stocks recording the most significant gains on Thursday. However, utilities and financial stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 49 points to 38,726.33 on Thursday. The S&P 500 rose 0.06% at 4,997.91, while the Nasdaq Composite rose 0.24% at 15,793.71 during Thursday’s session.
Investors are awaiting earnings results from Magna International Inc. (NYSE: MGA), Plains All American Pipeline, L.P. (NYSE: PAA), PepsiCo, Inc. (NASDAQ: PEP) and PepsiCo, Inc. (NASDAQ: NWL) today.
At a current reading of 76.4, the index remained in the "Extreme Greed" zone on Thursday, versus a prior reading of 75.7.
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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