The CNN Money Fear and Greed index showed further easing in the fear level, but the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled higher on Monday, despite the ongoing conflict between Israel and the Palestinian militant group Hamas. Crude oil futures gained more than 4% on Monday, while defense stocks rose sharply amid the conflict in the Middle East.
The bond market was closed on Monday for the Columbus Day holiday.
National Western Life Group, Inc. (NASDAQ:NWLI) shares gained more than 16% on Monday after the company inked a definitive merger deal with Prosperity Life Group for about $1.9 billion in an all-cash transaction.
The Dow Jones closed higher by around 197 points to 33,604.65 on Monday. The S&P 500 rose 0.63% at 4,335.66, while the Nasdaq Composite gained 0.39% at 13,484.24 during Monday’s session.
At a current reading of 29.8, the index remained in the “Fear” zone on Monday, compared to a previous reading of 26.
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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