Fear & Greed Index Remains In 'Extreme Greed' Zone; S&P 500 Surges 24% In 2023
Portfolio Pulse from Avi Kapoor
The CNN Money Fear and Greed index indicates 'Extreme Greed' despite a slight decline in market sentiment. The S&P 500 surged 24.2% in 2023, marking its best streak since 2004. Fisker Inc. (FSR) shares rose 16% after a business update, while Fortress Biotech, Inc. (FBIO) shares dropped over 22% due to a direct offering announcement. The Dow Jones and Nasdaq also saw gains in 2023, with the latter recording its best year since 2020.
January 02, 2024 | 7:32 am
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POSITIVE IMPACT
Fisker Inc. shares rose 16% following a positive December 2023 business update.
The significant rise in Fisker's stock price is directly attributed to the positive business update, which likely improved investor sentiment and could lead to continued short-term bullish behavior.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Fortress Biotech, Inc. shares fell over 22% due to the announcement of an $11 million registered direct offering priced at-the-market.
Fortress Biotech's stock price drop is a direct response to the registered direct offering announcement, which typically dilutes existing shares and can be viewed negatively by investors, suggesting a short-term bearish impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80