Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the "Greed" zone on Friday.
U.S. stocks closed higher on Friday, with the Dow Jones index surging more than 300 points during the session. However, all three indices logged losses last week, with the Dow falling 2.27% to record its worst weekly performance in 2024, while the S&P 500 lost 0.95% during the week.
On Friday, Treasury yields moved higher following the release of jobs data from the Labor Department.
U.S. employers added 303,000 nonfarm payrolls in March, marking an increase from the 270,000 reading in February and surpassing the expected 212,000, the Bureau of Labor Statistics said Friday. The unemployment rate slowed from 3.9% to 3.8%, easing more than expected.
Shares of MediaCo Holding Inc. (NASDAQ: MDIA) jumped 177% on Friday after a 13D amended filing showed Standard General L.P. reported a 95.2% stake in the company as of April 1, 2024.
All sectors on the S&P 500 closed on a positive note, with communication services, information technology and industrials stocks recording the biggest gains on Friday.
The Dow Jones closed higher by around 307 points to 38,904.04 on Friday. The S&P 500 jumped 1.11% at 5,204.34, while the Nasdaq Composite climbed 1.24% at 16,248.52 during Friday’s session.
Investors are awaiting earnings results from Lotus Technology Inc. (NASDAQ: LOT) today.
At a current reading of 61.2, the index remained in the "Greed" zone on Friday, versus a prior reading of 58.4.
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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