Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further improvement in overall market sentiment, with the index remaining in the "Greed" zone on Tuesday.
U.S. stocks closed higher on Tuesday, with the Dow Jones index gaining for a fourth session following the release of inflation data.
The annual inflation rate in the U.S. eased to 3.1% in November, recording the lowest reading in five months, compared to 3.2% in October.
Data on producer price index for November will be released on Wednesday, while the Fed will announce its policy decision on Wednesday at 2 p.m. ET.
Oracle Corporation (NYSE: ORCL) reported upbeat earnings for its second quarter, while sales missed estimates. Johnson Controls International plc (NYSE: JCI) reported weak results for its fourth quarter.
Most sectors on the S&P 500 closed on a positive note, with information technology and financial stocks recording the biggest gains on Tuesday. However, energy and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 173 points to 36,577.94 on Tuesday. The S&P 500 rose 0.46% at 4,643.70, while the Nasdaq Composite climbed 0.70% at 14,533.40 during Tuesday’s session.
Investors are awaiting earnings results from ABM Industries Incorporated (NYSE: ABM), REV Group, Inc. (NYSE: REVG) and Adobe Inc. (NASDAQ: ADBE) today.
At a current reading of 67.9, the index remained in the "Greed" zone on Tuesday, versus a prior reading of 67.1.
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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