Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a slight improvement in the overall market sentiment, but the index remained in the "Greed" zone on Wednesday.
U.S. stocks closed mixed on Wednesday, with the S&P 500 retreating from a record high reached in the prior session.
Shares of Dollar Tree, Inc. (NASDAQ: DLTR) fell more than 14% on Wednesday after the company reported worse-than-expected fourth-quarter financial results and issued first-quarter earnings guidance below estimates. Williams-Sonoma, Inc. (NYSE: WSM) shares gained around 18% after the company posted better-than-expected earnings for its fourth quarter on Wednesday.
On the economic data front, U.S. mortgage applications rose by 7.1% in the week ending March 8, versus a 9.7% increase in the prior period.
Most sectors on the S&P 500 closed on a positive note, with energy, materials and utilities stocks recording the biggest gains on Wednesday. However, information technology and real estate stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 38 points to 39,043.32 on Wednesday. The S&P 500 fell 0.19% at 5,165.31, while the Nasdaq Composite dipped 0.54% at 16,177.77 during Wednesday’s session.
Investors are awaiting earnings results from DICK'S Sporting Goods, Inc. (NYSE: DKS), Adobe Inc. (NASDAQ: ADBE) and Dollar General Corporation (NYSE: DG) today.
At a current reading of 69.4, the index remained in the "Greed" zone on Wednesday, versus a prior reading of 69.3.
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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