Investor sentiment is looking decidedly cheerier these days. The CNN Money Fear and Greed Index pushed into "Greed" territory on Monday, reaching a reading of 56 compared to 49.7 previously. That shift from neutral to greedy coincided with another solid day for U.S. stocks, as major indexes extended their recent run.
The S&P 500 climbed 0.64% to 6,878.49, notching its third straight session of gains. The Dow Jones Industrial Average added roughly 228 points to close at 48,362.68, while the Nasdaq Composite jumped 0.52% to 23,428.83. Not bad for the week before Christmas.
Speaking of the holidays, traders should note that the New York Stock Exchange will close early at 1 p.m. ET on Wednesday and remain shuttered on Thursday for Christmas Day.
On the deal front, UniFirst Corp. (UNF) disclosed that it received an acquisition proposal from Cintas Corp. (CTAS) offering $275 per share in cash. That's the kind of news that gets attention in an otherwise quiet holiday-shortened week.
Economic data provided a modest backdrop, with the Chicago Fed National Activity Index improving to -0.21 in September from -0.31 in August. It's still negative, but heading in the right direction.
Monday's market gains were broad but not universal. Most sectors on the S&P 500 closed higher, with materials, industrials, and financials stocks posting the biggest advances. Consumer staples were the notable exception, bucking the trend and finishing the session lower.
Looking ahead, investors are awaiting earnings results from Limoneira Co. (LMNR) and Good Times Restaurants Inc. (GTIM) today.
