U.S. stock markets saw a further decline in overall fear levels on Thursday, according to the CNN Money Fear and Greed Index.

Wall Street rose sharply on Wednesday as strong economic data boosted overall market sentiment.

All three major stock indexes posted strong gains, with the tech-heavy Nasdaq ending Wednesday’s session at a three-month high.

Economic data released on Wednesday showed a surprise surge in service activity and a sharp rise in factory orders. ISM Services PMI unexpectedly rose to 56.7 in July, hitting its highest level in three months, while factory orders rose 2% mom in June.

Optimistic forecasts from PayPal Holdings, Inc. PYPL and CVS Health Corporation CV also increased investor risk appetite.

That Dow Jones fell around 416 points to close at 32,812.50 on Wednesday. That S&P500 and the Nasdaq Compositemeanwhile, added 1.56% and 2.59% respectively in the previous session.
The index remained in “fear” territory on Thursday, currently reading at 44.0 after reading 41.0 earlier.

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.