The CNN Money Fear and Greed index showed some easing in the fear level, moving from “Extreme Fear” to the “Fear” zone on Friday.
U.S. stocks settled higher on Friday, as investors digested the recent jobs data. The S&P 500 closed the week higher by around 0.48%, snapping a four-week losing streak. However, the Dow Jones closed down 0.30% last week.
U.S. nonfarm payrolls rose by 336,000 in September, versus a revised 227,000 increase in August, and compared to market estimates of 170,000. Average hourly earnings increased by 0.2% to $33.88 in September, the same pace as in the previous month and below market estimates of a 0.3% rise.
Levi Strauss & Co LEVI shares fell 0.8% on Friday following third-quarter results. The company reported better-than-expected earnings for its third quarter, while sales missed estimates. Pioneer Natural Resources Company PXD shares jumped more than 10% following a report suggesting Exxon Mobil Corporation XOM is nearing a $60 billion deal to buy the company.
Most sectors on the S&P 500 closed on a positive note, with information technology and communication services stocks recording the biggest gains on Friday. However, consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 288 points to 33,407.58 on Friday. The S&P 500 rose 1.18% at 4,308.50, while the Nasdaq Composite jumped 1.60% at 13,431.34 during Friday’s session.
Investors are awaiting earnings results from Saratoga Investment Corp. SAR and Applied Digital Corporation APLD on Monday.
At a current reading of 28.9, the index moved to the “Fear” zone on Friday, compared to a previous reading of 22.1.
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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Image and article originally from www.benzinga.com. Read the original article here.