“Market Sentiment Remains in Extreme Greed Zone as Dow Jones Extends Gains”
- Shams Ul Zoha
- July 17, 2023
- 12:15 pm
WHAT YOU SHOULD KNOW
- The CNN Money Fear & Greed Index, which measures market sentiment, remained in the “Extreme Greed” zone, indicating a high level of market optimism.
- The Dow Jones index recorded gains for the fifth consecutive session, buoyed by strong second-quarter earnings from major banks.
- JPMorgan Chase reported better-than-expected Q2 earnings, while Wells Fargo also posted upbeat quarterly results.
The CNN Money Fear and Greed Index continued to indicate “Extreme Greed” in the market on Friday. The Dow Jones index extended its winning streak for the fifth consecutive session, driven by strong earnings from major banks. It recorded its best weekly performance since March, gaining 2.3%. Similarly, the S&P 500 also experienced a positive week, rising by 2.4%.
JPMorgan Chase reported better-than-expected earnings for the second quarter, contributing to the positive market sentiment. Wells Fargo also posted upbeat quarterly results, further boosting investor confidence. On the economic data front, the University of Michigan consumer sentiment for the US showed a second consecutive monthly increase, reaching a reading of 72.6 in July, the highest level since September 2021.
Closing the week, the Dow Jones ended higher by approximately 114 points, reaching 34,509.03. However, the S&P 500 experienced a slight dip of 0.10%, closing at 4,505.42, while the Nasdaq Composite decreased by 0.18%, ending the session at 14,113.70. Investors eagerly await earnings results from companies like FB Financial Corporation, Home Bancorp, Inc., and Guaranty Bancshares, Inc. to gauge their impact on the market.
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