Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index remained in the "Greed" zone on Friday.
U.S. stocks closed lower on Friday amid geopolitical concerns, with the Dow Jones dipping around 475 points during the session.
On the economic data front, U.S. export prices increased 0.3% from the prior month in March following a revised 0.7% gain in the prior month. Import prices in the U.S. gained 0.4% month-over-month in March compared to a 0.3% increase in February. The University of Michigan consumer sentiment declined to 77.9 in April compared to March’s reading of 79.4.
JPMorgan Chase & Co. (NYSE: JPM) shares tumbled more than 6% on Friday following first-quarter earnings. Wells Fargo (NYSE: WFC) reported first-quarter earnings per share of $1.20, beating the analyst consensus of $1.09. Citigroup Inc (NYSE: C) posted better-than-expected earnings for its first quarter.
All sectors on the S&P 500 closed on a negative note, with information technology, materials and consumer discretionary stocks recording the biggest losses on Friday.
The Dow Jones closed lower by around 475 points to 37,983.24 on Friday. The S&P 500 fell 1.46% at 5,123.41, while the Nasdaq Composite dipped 1.62% at 16,175.09 during Friday’s session.
Investors are awaiting earnings results from M&T Bank Corporation (NYSE: MTB), The Charles Schwab Corporation (NYSE: SCHW) and The Goldman Sachs Group, Inc.. (NYSE: GS) today.
At a current reading of 46, the index remained in the "Neutral" zone on Friday, versus a prior reading of 46.
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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