The CNN Money Fear and Greed index showed that the overall market sentiment was positive, while the index remained in the “Greed” zone on Friday.

U.S. stocks settled higher on Thursday, with the Nasdaq Composite reaching a record closing high of 26,917.47.

In earnings, shares of Best Buy Co. Inc. (NYSE:BBY) surged almost 16% on Thursday after the electronics retailer posted upbeat first-quarter results and issued strong guidance. MongoDB Inc.'s (NASDAQ:MDB) stock also rallied on higher-than-expected quarterly earnings.

On the economic data front, the U.S. core PCE price index, the Federal Reserve’s preferred gauge of underlying inflation, rose by 0.2% month-on-month in April, below market estimates of 0.3%. New orders for US-manufactured durable goods grew 7.9% to $346 billion in April, as the country's economy expanded an annualized 1.6% in the first quarter, below expectations of 2% growth.

Half the sectors on the S&P 500 closed on a positive note, with healthcare, information technology and consumer discretionary stocks recording the biggest gains on Friday. However, energy and industrials stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed higher by around 25 points to 50,668.97 on Friday. The S&P 500 surged 0.58% to 7,563.63, while the Nasdaq Composite jumped 0.91% at 26,917.47 during Thursday's session.

Investors are awaiting earnings results from Buckle Inc. (NYSE:BKE), Bluerock Homes Trust Inc. (NYSE:BHM), and Dynagas LNG Partners LP Unit (NYSE:DLNG) today.

What Is CNN Business Fear & Greed Index?

At a current reading of 60, the index remained in the “Greed” zone on Friday.

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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