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Fear & Greed Index Remains In ‘Extreme Greed’ Zone; S&P 500 Surges 24% In 2023 – Fortress Biotech (NASDAQ:FBIO), Fisker (NYSE:FSR)



The CNN Money Fear and Greed index showed some decline in overall market sentiment, but the index remained in the “Extreme Greed” zone on Friday.

U.S. stocks closed slightly lower on Friday, but the S&P 500 closed out last year with a gain of 24.2%. The index gained for nine consecutive weeks, notching its best winning streak since 2004.

On the economic data front, the Chicago PMI fell to 46.9 in December from 55.8 in the previous month, compared to market estimates of 51.

Shares of Fisker Inc. FSR jumped around 16% on Friday after the company provided a December 2023 business update. Fortress Biotech, Inc. FBIO shares fell more than 22% as the company announced pricing of $11 million registered direct offering priced at-the-market under Nasdaq rules.

Most sectors on the S&P 500 closed on a negative note, with consumer discretionary and real estate stocks recording the biggest losses on Friday. However, consumer staples and healthcare stocks bucked the overall market trend, closing the session higher.

The Dow Jones closed lower by around 21 points to 37,689.54 on Friday. The S&P 500 fell 0.28% at 4,769.83, while the Nasdaq Composite fell 0.56% at 15,011.35 during Friday’s session.

The Dow closed the year with a 13.7% gain, while the Nasdaq Composite surged 43.4% to record its best year since 2020.

At a current reading of 76.4, the index remained in the “Extreme Greed” zone on Friday versus a prior reading of 78.3.

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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