The CNN Money Fear and Greed index showed some easing in the overall fear level, while the index remained in the “Fear” zone on Wednesday.

U.S. stocks settled higher on Wednesday, with the Dow Jones index jumping more than 1,300 points during the session as a temporary ceasefire between the U.S. and Iran triggered the biggest single-day oil price collapse in years, easing concerns about energy-driven inflation and sparking a sweeping relief rally from airlines to semiconductors.

In earnings, shares of Aehr Test Systems ( AEHR ) jumped more than 25% on Wednesday following third-quarter results. Shares of Delta Air Lines Inc ( DAL ) gained around 4% after the company reported upbeat sales results for the first quarter.

On the economic data front, U.S. mortgage applications fell by 0.8% from the previous week during the week ending April 3, compared to the cumulative 28.5% fall from the three prior weeks.

Most sectors on the S&P 500 closed on a positive note, with communication services, industrials and materials stocks recording the biggest gains on Wednesday. However, energy stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed higher by around 1,325 points to 47,909.92 on Wednesday. The S&P 500 rose 2.51% to 6,782.81, while the Nasdaq Composite surged 2.80% at 22,634.99 during Tuesday's session.

Investors are awaiting earnings results from BlackBerry Ltd. ( BB ) , Simply Good Foods Co. ( SMPL ) and Neogen Corp. ( NEOG ) today.

What Is CNN Business Fear & Greed Index?

At a current reading of 30.7, the index remained in the “Fear” zone on Wednesday, versus a prior reading of 27.6.

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.