Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the "Greed" zone on Wednesday.
U.S. stocks closed higher on Tuesday, after the Federal Reserve announced its policy decision. The Fed kept interest rates unchanged Wednesday between 5.25% and 5.5% at its March meeting, as widely expected by investors, confirming intentions to lower the cost of money in the coming months.
Signet Jewelers Limited (NYSE: SIG) shares fell 12% on Wednesday after the company reported worse-than-expected fourth-quarter sales and issued weak FY25 guidance. General Mills, Inc. (NYSE: GIS) reported better-than-expected fourth-quarter financial results.
On the economic data front, crude oil inventories in the U.S. declined by 1.952 million barrels in the week ended March 15, versus market estimates of a 0.013 million gain.
Most sectors on the S&P 500 closed on a positive note, with communication services, consumer discretionary, and financial stocks recording the biggest gains on Wednesday. However, healthcare and energy stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by over 401 points to 39,512.13 on Tuesday. The S&P 500 rose 0.89% at 5,224.62, while the Nasdaq Composite climbed 1.25% at 16,369.41 during Wednesday’s session.
Investors are awaiting earnings results from Accenture plc (NYSE: ACN), FedEx Corporation (NYSE: FDX) and NIKE, Inc. (NYSE: NKE) today.
At a current reading of 72.6, the index remained in the "Greed" zone on Wednesday, versus a prior reading of 70.
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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