Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed an increase in overall market sentiment, while the index remained in the "Extreme Greed" zone on Tuesday.
U.S. stocks closed higher on Tuesday, with the S&P 500 moving closer to record levels. The index is less than 1% down from its record closing high of 4,796.56 notched in January 2022. US stocks also closed higher last week, with the S&P 500 recording its eighth straight weekly surge.
On the economic data front, the Chicago Fed National Activity Index increased to +0.03 in November versus a revised reading of -0.66 in the prior month. The S&P CoreLogic Case-Shiller 20-city home price index rose by 4.9% year-over-year in October, recording the largest surge since Nov. 2022.
RayzeBio, Inc. (NASDAQ: RYZB) shares jumped over 100% on Tuesday after the company announced that it would be acquired by Bristol Myers Squibb for $62.50 per share in cash in a deal worth $4.1 billion. Gracell Biotechnologies Inc. (NASDAQ: GRCL) shares jumped 60% after AstraZeneca Plc (NASDAQ: AZN) agreed to acquire the company.
All sectors on the S&P 500 closed on a positive note, with energy, real estate, and industrial stocks recording the biggest gains on Tuesday.
The Dow Jones closed higher by around 159 points to 37,545.33 on Tuesday. The S&P 500 rose 0.42% at 4,774.75, while the Nasdaq Composite gained 0.54% at 15,074.57 during Tuesday’s session.
Investors are awaiting earnings results from Bridgeline Digital, Inc. (NASDAQ: BLIN) today.
At a current reading of 79.1, the index remained in the "Extreme Greed" zone on Tuesday, versus a prior reading of 78.5.
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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