The CNN Money Fear and Greed Index showed an improvement in overall market sentiment, with the index moving into the “Extreme Greed” zone on Monday.
US stocks closed higher on Monday, with the S&P 500 posting its first positive September since 2019. For the month, the Dow Jones gained 1.9%, while the Nasdaq rose 2.7%. The S&P 500 jumped 2%, recording its first positive September since 2019.
Carnival Corporation CCL posted better-than-expected quarterly profits. EMCORE Corporation EMCR Shares rose about 83% on Monday after Mobix Labs made an all-cash offer to acquire the company for $3.80 per share.
In economic data, the Chicago PMI rose to 46.6 in September from 46.1 in August, compared to market estimates of 46.2.
Most S&P 500 sectors closed on a positive note, with energy, real estate and communications services stocks posting the biggest gains on Monday. However, consumer discretionary and materials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed up about 17 points at 42,330.15 on Monday. The S&P 500 rose 0.42% to 5,762.48, while the Nasdaq Composite rose 0.38% to 18,189.17 during Monday's session.
Investors are awaiting earnings results from Acuity Brands, Inc.. DO, McCormick & Company, incorporated MKCand Nike, Inc.. OF today.
What is the CNN Business Fear and Greed Index?
With a current reading of 75.5, the index moved into the “extreme greed” zone on Monday, up from a previous reading of 72.8.
The Fear & Greed Index is a measure of current market sentiment. It is based on the premise that greater fear puts pressure on stock prices, while greater greed has the opposite effect. The index is calculated based on seven equally weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 indicates maximum greed.
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