Tuba Sahin
August 25, 2022•Update: August 25, 2022
ANKARA
US stocks closed higher Thursday ahead of Federal Reserve Chair Jarome Powell's speech at the Jackson Hole symposium and better than expected economic data.
The US economy contracted at an annualized 0.6% in the second quarter, revised up from a 0.9% fall in the advance estimate, according to the Commerce Department's second reading released Thursday.
The Dow Jones was up 324.43 points, or 0.98%, to close at 33,293.
The S&P 500 added 60.33 points, or 1.46%, to end flat at 4,201.
The tech-heavy Nasdaq rose 207.7 points, or 1.67%, to 12,639
The VIX volatility index, also known as the fear index, fell 3.99% to 21.91. The 10-year US Treasury yield decreased 2.52% to 3.028%.
While the dollar index fell 0.21% to 108.392, the euro was hovering around its lowest level since late 2002, below $1 amid recession fears in Europe.
Precious metals were on the rise, with gold adding 0.51% to $1,770 and silver gaining 1.03% to $19.10.
Global oil benchmark Brent crude was at $99.97 per barrel, down 1.23%, while US benchmark West Texas Intermediate (WTI) was at $93.11 -- falling 1.88%.
