Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a slight improvement in overall market sentiment on Wednesday, but it remained in the "Greed" zone.
U.S. stocks closed higher on Wednesday after the three major indices recorded losses for two straight days. Fed Chair Jerome Powell reiterated Wednesday that he would like to have more confidence in inflation moving back sustainably toward the Fed’s 2% target before unleashing policy easing down the road.
Campbell Soup Company (NYSE: CPB) reported better-than-expected earnings for its second quarter. Foot Locker, Inc. (NYSE: FL) shares dipped over 29% on Wednesday after reporting fourth-quarter results.
On the economic data front, private businesses in the U.S. added 140,000 jobs in February compared to revised 111,000 gains in January, versus market estimates of 150,000. The number of job openings fell by 26,000 from the prior month to 8,863 million in January, while U.S. wholesale inventories declined by 0.3% month-over-month in January.
Most sectors on the S&P 500 closed on a positive note, with information technology, utilities, and consumer staples stocks recording the biggest gains on Wednesday. However, communication services and consumer discretionary stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by over 75 points to 38,661.05 on Wednesday. The S&P 500 rose 0.51% at 5,104.76, while the Nasdaq Composite rose 0.58% at 16,031.54 during Wednesday’s session.
Investors are awaiting earnings results from The Kroger Co. (NYSE: KR), Costco Wholesale Corporation (NASDAQ: COST), Costco Wholesale Corporation (NASDAQ: COST) and Ciena Corporation (NYSE: CIEN) today.
At a current reading of 73.9, the index remained in the "Greed" zone on Wednesday, versus a prior reading of 73.5.
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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