The CNN Money Fear and Greed index showed further decline in overall sentiment among U.S. investors on Wednesday.
The Dow Jones closed higher on Wednesday, recording its longest winning streak since 1987 following interest-rate decision from the U.S. Federal Reserve. The index notched gains for the 13th straight session.
The Federal Reserve raised the federal funds rate by 0.25% to 5.25%-5.5% as widely anticipated Wednesday, pushing borrowing costs to their highest level since February 2001.
Alphabet Inc. (NASDAQ:GOOGL) shares gained 5.8% on Wednesday after the company reported better-than-expected second-quarter results. The Boeing Company (NYSE:BA) shares gained 8.7% after the company reported upbeat quarterly results.
The Dow Jones closed higher by around 82 points to 35,520.12 on Wednesday. The S&P 500 fell 0.02% at 4,566.75, while the Nasdaq Composite lost 0.12% at 14,127.28 during the session.
Investors are awaiting earnings results from McDonald’s Corporation (NYSE:MCD), Ford Motor Company (NYSE:F) and Bristol-Myers Squibb Company (NYSE:BMY) today.
At a current reading of 80.0, the index remained in the “Extreme Greed” zone, versus a previous reading of 81.0
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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