The CNN Money Fear and Greed index showed some relief in overall fear levels, while the index remained in the ‘Fear’ zone on Wednesday.
US stocks closed higher on Wednesday, with the Dow Jones index gaining more than 100 points on the session, as investors digested the release of the minutes of the Federal Reserve’s latest policy meeting.
In economic data, US industrial production rose 0.7% month-on-month in January, compared with market estimates of a 0.4% gain. U.S. durable goods orders fell 1.4% month-over-month in December, compared to a revised increase of 5.4% in November.
Most sectors in the S&P 500 closed on a positive note, with consumer discretionary, energy and information technology stocks posting the biggest gains on Wednesday. However, real estate and utility stocks bucked the overall market trend and ended the session lower.
The Dow Jones closed about 129 points higher at 49,662.66 on Wednesday. The S&P 500 rose 0.56% to 6,881.31 during Wednesday’s session, while the Nasdaq Composite rose 0.78% to 22,753.63.
What is the CNN Business Fear & Greed Index?
At a current reading of 40.3, the index remained in the fear zone on Wednesday, compared to a previous reading of 37.8.
The Fear & Greed Index is a measure of current market sentiment. It is based on the premise that greater fear puts pressure on stock prices, while greater greed has the opposite effect. The index is calculated based on seven equally weighted indicators. The index ranges from 0 to 100, with 0 representing maximum fear and 100 maximum greed.
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