The CNN Money Fear and Greed index showed some improvement in overall market sentiment on Wednesday, but it remained in the "Greed" zone.

U.S. stocks closed higher on Wednesday, with the S&P 500 settling at a fresh record level during the session. The index is up around 10% in the first quarter and is on course to record its best first-quarter surge since 2019.

Shares of Cintas Corporation ( CTAS ) surged 8% on Wednesday after the company reported better-than-expected third-quarter financial results and raised FY24 guidance. Shares of Direct Digital Holdings, Inc. ( DRCT ) dipped more than 39% after the company reported worse-than-expected fourth-quarter financial results.

On the economic data front, U.S. mortgage applications declined by 0.7% on the week ending March 22, 2024. Crude oil inventories in the U.S. increased by 3.165 million barrels in the week ended March 22, compared to market estimates of a 1.275 million decline, the Energy Information Administration said.

All sectors on the S&P 500 closed on a positive note, with utilities, real estate and industrials stocks recording the biggest gains on Wednesday.

The Dow Jones closed higher by around 478 points to 39,760.08 on Wednesday. The S&P 500 rose 0.86% at 5,248.49, while the Nasdaq Composite rose 0.51% at 16,399.52 during Wednesday's session.

Investors are awaiting earnings results from Oxford Industries, Inc. ( OXM ) , MSC Industrial Direct Co., Inc. ( MSM ) and Walgreens Boots Alliance, Inc. ( WBA ) today.

At a current reading of 70, the index remained in the "Greed" zone on Wednesday, versus a prior reading of 68.

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.

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