The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index moved to the “Neutral” zone on Wednesday.

U.S. stocks settled higher on Wednesday, with the Dow Jones index jumping more than 1,500 points to a record closing level following the election of Donald Trump as the 47th U.S. president. The S&P 500 also surged to an all-time high during the session.

On the economic data front, U.S. mortgage applications fell by 10.8% from the previous week in the week ended Nov. 1. U.S. crude oil inventories increased by 2.149 million barrels in the week ended Nov. 1, compared to market estimates of a 1.8 million gain. The Federal Reserve is scheduled to announce its policy decision today.

Shares of CVS Health Corp ( CVS ) jumped more than 11% on Wednesday after the company reported third-quarter results. Johnson Controls International plc ( JCI ) reported better-than-expected earnings for its fourth quarter on Wednesday.

Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, industrials, and financials stocks recording the biggest gains on Wednesday. However, consumer staples and real estate stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed higher by around 1,508 points to 43,729.93 on Wednesday. The S&P 500 gained 2.53% to 5,929.04, while the Nasdaq Composite jumped 2.95% to close at 18,983.46 during Wednesday's session.

Investors are awaiting earnings results from The Hershey Company ( HSY ) , Halliburton Company ( HAL ) , and Block, Inc ( SQ ). today.

What is CNN Business Fear & Greed Index?

At a current reading of 57.9, the index moved to the “Neutral” zone on Wednesday, versus a prior reading of 47.9.

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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