The CNN Money Fear and Greed index remained in the “Greed” zone following the release of nonfarm payrolls data.
Labor data released Friday showed nonfarm payrolls increased by 263,000 in November, higher than market estimates of 200,000.
Federal Reserve Chair Jerome Powell recently suggested the central bank could begin easing back on its interest rate hikes starting as early as next month.
The Fed will start its two-day meeting on December, with market expecting the central bank to raise rates by 50 basis points.
All three indices recorded weekly gains, with the Nasdaq notching the largest gain, adding around 2.1%. The Dow and S&P 500 added 0.2% and 1.1%, respectively last week.
The Dow gained around 35 points to close at 34,429.88 on Friday. The S&P 500 fell 0.12% to 4,071.70, while the Nasdaq Composite fell 0.18% to settle at 11,461.50 in the previous session.
Science Applications International Corporation SAIC, Powell Industries, Inc. POWL and DLH Holdings Corp. DLHC are set to report quarterly earnings today.
At a current reading of 69.0, the index remained in the “Greed” zone, compared to a previous reading of 69.0.
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.