Investor Sentiment Improves Further, Dow Jumps Over 300 Points

Author: Avi Kapoor | May 10, 2024 03:00am

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, but the index remained in the “Fear” zone on Thursday.

U.S. stocks settled higher on Thursday, with the Dow Jones index recording gains for the seventh straight session.

Roblox Corp (NYSE:RBLX) posted better-than-expected first-quarter financial results, but issued weak guidance. Airbnb, Inc. (NASDAQ:ABNB) shares dipped around 7% on Thursday after the company reported first-quarter financial results.

On the economic data front, U.S. initial jobless claims increased by 22,000 to 231,000 on the week ending May 4, higher than market estimates of 210,000.

Most sectors on the S&P 500 closed on a positive note, with utilities, real estate and energy stocks recording the biggest gains on Thursday. However, information technology stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed higher by around 331 points to 39,387.76 on Thursday. The S&P 500 rose 0.51% at 5,214.08, while the Nasdaq Composite rose 0.27% at 16,346.26 during Thursday's session.

Investors are awaiting earnings results from Hawaiian Electric Industries, Inc. (NYSE:HE), Enbridge Inc. (NYSE:ENB), and DNOW Inc. (NYSE:DNOW) today.

At a current reading of 44.1, the index remained in the “Fear” zone on Thursday, versus a prior reading of 42.8.

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.

Read Next: Jim Cramer Says Buy This Tech Stock Right Here, Likes Cognex

Posted In: ABNB DNOW ENB HE RBLX