Investor optimism improves after Powell speech
The CNN Money Fear and Greed Index showed some improvement in general US investor sentiment on Friday.
U.S. stocks closed higher on Friday following remarks by Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium. Powell has signaled that the Fed is ready to raise interest rates if it sees fit.
However, the Dow Jones fell for the second week in a row, while the S&P 500 and the Nasdaq Composite ended a three-week losing streak.
University of Michigan consumer confidence was revised down to 69.5 in August from a preliminary reading of 71.2.
Affirm Holdings, Inc. Shares of AFRM jumped about 29% on Friday after the company reported better-than-expected fourth-quarter financial results and released guidance. Shares of Domo, Inc. DOMO fell about 36% after the company issued a weaker-than-consensus third-quarter outlook and lowered its FY24 guidance.
All major S&P 500 sectors closed on a positive note, with energy and consumer discretionary stocks posting the largest gains on Friday.
The Dow Jones closed up around 248 points at 34,346.90 on Friday. The S&P 500 rose 0.67% to 4,405.71, while the Nasdaq Composite added 0.94% to 13,590.65 during the session.
Investors today await results from HEICO Corporation HEI, JOANN Inc. JOAN and Baozun Inc. BZUN.
At the current level of 47.9, the index moved into the "Neutral" zone on Friday, from a previous level of 46.4.
What is CNN's Corporate Fear and Greed Index?
The Fear & Greed Index is a measure of current market sentiment. It is based on the assumption that increased fear puts pressure on stock prices, while increased greed has the opposite effect. The index is calculated on the basis of seven equally weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 indicates maximum greed.
Read next: These 3 financial stocks with dividend yields above 6% are recommended by Wall Street's most accurate analysts
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The CNN Money Fear and Greed Index showed some improvement in general US investor sentiment on Friday.
U.S. stocks closed higher on Friday following remarks by Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium. Powell has signaled that the Fed is ready to raise interest rates if it sees fit.
However, the Dow Jones fell for the second week in a row, while the S&P 500 and the Nasdaq Composite ended a three-week losing streak.
University of Michigan consumer confidence was revised down to 69.5 in August from a preliminary reading of 71.2.
Affirm Holdings, Inc. Shares of AFRM jumped about 29% on Friday after the company reported better-than-expected fourth-quarter financial results and released guidance. Shares of Domo, Inc. DOMO fell about 36% after the company issued a weaker-than-consensus third-quarter outlook and lowered its FY24 guidance.
All major S&P 500 sectors closed on a positive note, with energy and consumer discretionary stocks posting the largest gains on Friday.
The Dow Jones closed up around 248 points at 34,346.90 on Friday. The S&P 500 rose 0.67% to 4,405.71, while the Nasdaq Composite added 0.94% to 13,590.65 during the session.
Investors today await results from HEICO Corporation HEI, JOANN Inc. JOAN and Baozun Inc. BZUN.
At the current level of 47.9, the index moved into the "Neutral" zone on Friday, from a previous level of 46.4.
What is CNN's Corporate Fear and Greed Index?
The Fear & Greed Index is a measure of current market sentiment. It is based on the assumption that increased fear puts pressure on stock prices, while increased greed has the opposite effect. The index is calculated on the basis of seven equally weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 indicates maximum greed.
Read next: These 3 financial stocks with dividend yields above 6% are recommended by Wall Street's most accurate analysts
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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