US stocks higher on recovery hopes; gold plunges

ANKARA

US stocks opened higher Thursday with relief bill-led economic recovery hopes, while investors have started to abandon gold that fell to its lowest level in two months.

The Dow Jones was up 267 points to 30,991 points at 10.20 a.m. EDT (1520GMT), while the S&P 500 rose to 3,853.

The Nasdaq added 66 points to 13,676 as Google's parent firm Alphabet, Twitter, Apple, Moderna and General Electric each rising more than 2%.

The dollar index was up 0.3% to $91.46, while the yield on the benchmark 10-year Treasury note was up 1.6% to 1.15%, its highest since March 20 last year.

Gold, which has long been seen as a safe haven by investors, was down as much as 2.6% to $1,785 per ounce -- its lowest level since Dec. 1.

Despite US President Joe Biden's $1.9 trillion relief package failing to find support from Republican lawmakers, Democrats have taken the measure in their hands by approving a budget resolution Wednesday that may allow the bill to pass the Senate later this week.

Treasury Secretary Janet Yellen also stressed an immediate need for a relief bill to stimulate the world's largest economy.

Small investors' favorite GameStop, which saw a massive rally last week, was down another 15% after it lost a stunning 60% Tuesday and almost 31% Monday.