Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed some easing in overall market sentiment, but the index moved to the "Extreme Greed" zone on Monday.
The S&P 500 closed higher on Monday after recording gains for the seventh straight week.
On the economic data front, the NAHB/Wells Fargo Housing Market Index in the U.S. rose to 37 in December from 34 in the prior month, topping market estimates of 36.
Shares of United States Steel Corporation (NYSE: X) jumped 26% on Monday after Nippon Steel announced it would acquire the company for $55 per share in an all-cash transaction. ZimVie Inc. (NASDAQ: ZIMV) shares surged over 52% after the company disclosed an agreement to sell its spine business to H.I.G. Capital for $375 million.
Most sectors on the S&P 500 closed on a positive note, with communication services and consumer staples stocks recording the biggest gains on Monday. However, real estate and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 1 point to 37,306.02 on Monday. The S&P 500 rose 0.45% at 4,740.56, while the Nasdaq Composite climbed 0.62% at 14,905.19 during Monday’s session.
The Dow is higher by around 3.8% for the month, while the S&P 500 has added 3.8% during the period.
Investors are awaiting earnings results from FedEx Corporation (NYSE: FDX), FactSet Research Systems Inc. (NYSE: FDS), and Accenture plc (NYSE: ACN) today.
At a current reading of 76.5, the index moved to the "Extreme Greed" zone on Monday versus a prior reading of 80.
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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