Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further improvement in overall market sentiment, while the index remained in the "Greed" zone on Friday.
U.S. stocks closed higher on Friday, with the S&P 500 settling at an all-time high during the session. All three major indices are now in positive zone for 2024.
iRobot Corporation (NASDAQ: IRBT) shares fell around 27% on Friday following a report suggesting the EU plans to block Amazon's acquisition of the company. State Street Corporation (NYSE: STT) shares gained 2% after the company posted better-than-expected earnings for its fourth quarter.
On the economic data front, U.S. existing-home sales fell by 1.0% from a month ago to an annualized rate of 3.78 million units in December, hitting the lowest level since Aug. 2010 and compared to market estimates of 3.82 million units. The University of Michigan's consumer sentiment jumped to 78.8 in January, notching the highest level since July 2021, up from 69.7 in December and versus market estimates of 70, according to preliminary estimates.
Most sectors on the S&P 500 closed on a positive note, with information technology, financial and communication services stocks recording the biggest gains on Friday. However, utilities and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 395 points to 37,863.80 on Friday. The S&P 500 rose 1.23% at 4,839.81, while the Nasdaq Composite rose 1.70% at 15,310.97 during Friday’s session.
Investors are awaiting earnings results from United Airlines Holdings, Inc. (NASDAQ: UAL), Brown & Brown, Inc. (NYSE: BRO) and Zions Bancorporation (NASDAQ: ZION) today.
At a current reading of 71.9, the index remained in the "Greed" zone on Friday, versus a prior reading of 69.2.
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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