While CNN’s Money Fear and Greed Index showed a decline in overall market sentiment, the index remained in the “greed” zone on Thursday.
US stocks closed lower on Thursday following the release of February PPI data. The U.S. producer price index for final demand rose 0.6% from the previous month, exceeding market expectations for a 0.3% rise.
Other data released Thursday showed U.S. retail sales rose 0.6% month-over-month in February, compared with a revised 1.1% decline in January and below market expectations for a 0.8% increase. New jobless claims in the United States for the week ending March 8 fell by 1,000 to 209,000, compared to market expectations of 218,000.
The US Federal Reserve is expected to keep interest rates unchanged at its meeting next week.
shares of Robinhood Markets Co., Ltd. (NASDAQ:HOOD) rose more than 5% on Thursday after the company released February operating data. Dick’s Sports Goods Inc (NYSE:DKS) shares rose 15% after the company reported better-than-expected fourth-quarter results and issued strong guidance.
Most sectors of the S&P 500 ended in negative territory, with real estate, consumer staples and utilities stocks posting the biggest losses on Thursday. However, energy and communications services stocks bucked the broader market trend and closed higher.
The Dow Jones closed about 138 points lower at 38,905.66 on Thursday. During Thursday trading, the S&P 500 fell 0.29% to 5,150.48 and the Nasdaq Composite fell 0.30% to 16,128.53.
Investors are waiting for financial results The Buckle Co., Ltd. (NYSE:BKE), Jbil Co., Ltd. (NYSE:JBL) and Hibbett Co., Ltd. (NASDAQ:HIBB) today.
With its current reading of 72.6, the index remained in the “greed” zone as of Thursday, compared to its previous reading of 74.3.
What is the CNN Business Fear & Greed Index?
The Fear & Greed Index is a measure of current market sentiment. This is based on the premise that increased fear puts pressure on stock prices, while increased greed has the opposite effect. This index is calculated based on seven equally weighted indicators. The index ranges from 0 to 100, with 0 representing maximum fear and 100 representing maximum greed.
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