The CNN Money Fear and Greed index showed an improvement in overall sentiment among U.S. investors on Thursday.
U.S. stocks closed higher on Thursday after the House passed the debt ceiling deal on Wednesday night. The S&P 500 and Nasdaq settled at their strongest levels since Aug. 2022.
Economic data released Thursday showed that the ADP said private businesses in the U.S. added 278,000 jobs in May versus a revised 291,000 gain in April and compared to market estimates of 170,000. U.S. initial jobless claims increased by 2,000 from the prior week to 232,000 in the week ending May 27, compared to market expectations of 235,000.
Salesforce, Inc. CRM shares dropped 4.7% on Thursday despite better-than-expected first-quarter results.
The Dow Jones closed higher by around 153 points to 33,061.57 on Thursday. The S&P 500 rose 0.99% at 4,221.02, while the Nasdaq Composite jumped 1.28% to settle at 13,100.98 during the session.
Investors are awaiting earnings results from Yunji Inc. YJ and Natuzzi S.p.A. NTZ today.
At a current reading of 68.0, the index remained in the “Greed” zone, versus a previous reading of 62.0
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.