US stock market higher despite slowdown in economic growth

ISTANBUL

Major indexes in the US stock market were higher Thursday despite the slowdown in American economic growth.

The Dow Jones was up 109 points, or 0.33%, to 32,826 at 10.28 a.m. EDT. The S&P 500 rose 25 points, or 0.63% to 4,053.

The Nasdaq soared 108 points, or 0.91%, to 12,034. The tech-heavy index continues its rally after it jumped Wednesday to close the session with a 210 points, or 1.79%, gain.

Investors have been optimistic in the markets although the US economic growth for the fourth quarter of 2022 was revised downward to 2.6%.

The first reading for the figure on Jan. 26 was 2.9%, while the second on Feb. 23 was revised down to 2.7%, according to the Commerce Department figures.

Overall, real GDP gained 2.1% in 2022, significantly down from an expansion of 5.9% in 2021, it said earlier.

The VIX volatility index, also known as the fear index, rose 0.8% to 19.27, and the 10-year US Treasury yield added 0.1% to 3.570%.

The dollar index fell 0.47% to 102.16, while the euro added 0.66% to $1.0915 against the greenback.

Precious metals were on the rise, with gold increasing 0.3% to $1,970 per ounce and silver gaining 1% to $23.57.

Crude oil prices were in positive territory, with global benchmark Brent crude at $77.97 per barrel and US benchmark West Texas Intermediate at $73.63.