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The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Extreme Fear” zone on Friday.
U.S. stocks settled higher on Friday, with the S&P 500 surging more than 2% during the session.
Big tech shares fell sharply last week and saw a sharp recovery on Friday. Shares of Nvidia Corp. (NASDAQ:NVDA) jumped more than 5%, while Tesla Inc. (NASDAQ:TSLA) added around 4% during the session.
Despite Friday's gains, stocks recorded losses last week. The Dow dipped around 3.1% to record its worst week since March 2023. The S&P 500 dipped over 2%, recording its fourth straight losing week.
On the economic data front, the University of Michigan consumer sentiment dipped to 57.9 in March, recording the lowest reading since November 2022, compared to 64.7 in the previous month and down from market estimates of 63.1.
All sectors on the S&P 500 closed on a positive note, with information technology, energy, and financial stocks recording the biggest gains on Friday.
The Dow Jones closed higher by around 675 points to 41,488.19 on Friday. The S&P 500 rose 2.13% to 5,638.94, while the Nasdaq Composite climbed 2.61% at 17,754.09 during Friday's session.
Investors are awaiting earnings results from Science Applications International Corp. (NASDAQ:SAIC), Getty Images Holdings Inc. (NYSE:GETY) and Consolidated Water Co. Ltd. (NASDAQ:CWCO) today.
What is CNN Business Fear & Greed Index?
At a current reading of 21, the index remained in the “Extreme Fear” zone on Friday, versus a prior reading of 16.1.
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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