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The CNN Money Fear and Greed index showed some easing in the fear level among US investors after the US stocks closed higher on Friday.
Investors assessed the economic data released on Friday, which showed personal consumption expenditure price index, the Federal Reserve’s preferred gauge of inflation, rising by 5.5% year-over-year in November. Personal spending rose 0.1% month-over-month in November, while personal income in the United States rose 0.4% from a month ago in November.
Tesla, Inc. TSLA CEO Elon Musk said he wouldn’t dispose of any more Tesla shares for the next 18-24 months. However, shares of the EV maker dropped 1.8% on Friday.
The Dow closed higher by around 176 points to 33,203.93 on Friday. The S&P 500 rose 0.59% to 3,844.82, while the Nasdaq Composite gained 0.21% to settle at 10,497.86 in the previous session.
At a current reading of 39.0, the index remained in the “Fear” zone, compared to a previous reading of 35.0.
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.