The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the "Greed" zone on Thursday.
U.S. stocks settled higher on Thursday, with the Dow Jones index and S&P 500 hitting fresh record highs during the session. The US Federal Reserve, on Wednesday, slashed interest rates by 50 basis points Wednesday at its September Federal Open Market Committee meeting, lowering the federal funds rate to a range of 4.75% to 5%.
On the economic data front, the U.S. reported a current account deficit of $266.8 billion in the second quarter versus a gap of $241 billion in the prior period and higher than market estimates of a $260 billion gap. U.S. initial jobless claims fell by 12,000 from the prior week to 219,000 in the week ending September 14, compared to market expectations of 230,000.
Techstocksrallied,withsharesofNVIDIA Corporation (NASDAQ:NVDA) and Advanced Micro Devices, Inc. (NASDAQ:AMD) gaining around 4% and 6%, respectively. Micron Technology, Inc. (NASDAQ:MU) shares added 2.2% during the session. Tesla Inc. (NASDAQ:TSLA) also surged, closing the day with gains of 7.4%.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, communication services, and information technology stocks recording the biggest gains on Thursday. However, consumer staples and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 522 points to 42,025.19 on Thursday. The S&P 500 surged 1.70% to 5,713.64, while the Nasdaq Composite climbed 2.51% at 18,013.98 during Thursday's session.
Investors are awaiting earnings results from VinFast Auto Ltd. (NASDAQ:VFS) today.
What is CNN Business Fear & Greed Index?
At a current reading of 65.7, the index remained in the "Greed" zone on Thursday, versus a prior reading of 60.8.
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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