The CNN Money Fear and Greed Index showed that general fear levels in US stock markets eased further after the Dow Jones continued to rise on Friday.

US stocks were higher on Friday after the Federal Reserve raised interest rates by 75 basis points last week to combat rising levels of inflation.

shares of Amazon.com, Inc. AMZN surged over 10% on Friday after the company reported better-than-expected quarterly earnings. apple inc AAPL Equities were also up 3.3% on positive quarterly earnings.

Turning to economic data, the US consumer spending index rose 1% mom in June, the fastest pace since September 2005. Personal spending rose 1.1% mom in June.

The Nasdaq Composite was up 1.88% to close at 12,390.69 on Friday. Meanwhile, the Dow Jones and S&P 500 gained 0.97% and 1.42%, respectively, in the previous session.

The index remained in “fear” territory on Friday, reading 42.0 for the day, having previously read 39.0.

What is the CNN Business Fear & Greed Index?

The Fear & Greed Index is a measure of current market sentiment. It is based on the premise that higher fear puts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equally weighted indicators. The index ranges from 0 to 100, with 0 representing maximum fear and 100 representing maximum greed.