The CNN Money Fear and Greed index showed some 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 Dow Jones index gaining more than 200 points during the session. However, the index recorded losses last week.
The S&P 500 recorded its worst week since September, falling 3.1% last week. The Dow declined 2.4%, while the Nasdaq Composite tumbled 3.5% during the week.
On the economic data front, the February jobs report from the Bureau of Labor Statistics, released Friday, showed a moderate increase in employment and also a slight increase in the unemployment rate.
The U.S. economy added 151,000 jobs in February, up from a downwardly revised 125,000 in January, but below expectations of 160,000, as tracked by Trading Economics. The unemployment rate ticked unexpectedly higher to 4.1%, above the 4.0% expected.
Genesco Inc. (NYSE:GCO) shares dipped over 16% on Friday after the company reported worse-than-expected fourth-quarter financial results. American Public Education Inc. (NASDAQ:APEI) shares surged 22% after the company reported better-than-expected quarterly financial results.
Most sectors on the S&P 500 closed on a positive note, with utilities, information technology and energy stocks recording the biggest gains on Friday. However, consumer staples and financial stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 223 points to 42,801.72 on Friday. The S&P 500 rose 0.55% to 5,770.20, while the Nasdaq Composite climbed 0.70% at 18,196.22 during Friday's session.
Investors are awaiting earnings results from BioNTech SE (NASDAQ:BNTX), Oracle Corp. (NYSE:ORCL) and Vail Resorts Inc. (NYSE:MTN) today.
What is CNN Business Fear & Greed Index?
At a current reading of 20.5, the index remained in the “Extreme Fear” zone on Friday, versus a prior reading of 17.8.
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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